First Financial, a holding firm of First Financial Bank, has agreed to acquire Hancock Bank & Trust Company in a deal valued at $31.35m.
As per the terms of the agreement, First Financial has offered to pay $18.38 per share in cash for each share of Hancock’s common stock.
Hancock Bancorp is the holding company of Hancock, which reported $334m in assets, $249m of gross loans and $285m in deposits as of 30 June 2021.
The combined firm will have approximately $5bn in assets, $2.9bn in loans, $4.2bn in deposits and 89 branch offices across Indiana, Illinois, Kentucky, and Tennessee.
First Financial president and CEO Norman Lowery said: “We are excited to be joining forces with another bank that has deep roots in its community. Together, our team of bankers will deliver unparalleled service to our customers and communities and continue to make those communities better places to live and work.”
Hancock president and CEO Claude Badgett said: “I am enthusiastic about the opportunity we have to partner with First Financial in a transaction that we believe offers significant opportunities to our clients, communities, employees and shareholders. This partnership is an excellent opportunity to create value for both institutions.”
The boards of directors of each company have unanimously approved the merger. However, it is subject to regulatory approvals, Hancock’s shareholder’s approval, and other customary closing conditions.
The transaction is expected to close in the fourth quarter of 2021.