First Financial Bancorp to Acquire Flagstar Bank's Indiana-Based Retail Branch Locations and Deposits

First Financial Bancorp FFBC announced that its wholly-owned subsidiary, First Financial Bank, has signed a purchase and assumption agreement to acquire all 22 of the retail banking branches of Flagstar Bank, FSB located in Indiana. The deposits associated with Flagstar's Indiana franchise totaled approximately $525.9 million as of June 30, 2011. Under the terms of the purchase and assumption agreement, First Financial will pay a 4.37% premium on total deposits assumed, or approximately $23.0 million based on the deposit balance mentioned above. The assumed deposits consist of approximately $327.9 million of primarily retail accounts maintained in the acquired branches and $197.9 million of deposits held by public entities throughout the state.