First Financial Bank, N.A. Acquires Peoples Community Bank

First Financial Bancorp. (Nasdaq: FFBC) has announced that First Financial Bank, N.A., has purchased the banking operations of Peoples Community Bank, the subsidiary bank of Peoples Community Bancorp (Nasdaq: PCBI) through an agreement with the Federal Deposit Insurance Corporation (FDIC). The Office of Thrift Supervision declared Peoples Community Bank closed today and appointed the FDIC as receiver. The purchase by First Financial is effective immediately and includes approximately $538 million in total deposits.

“We are pleased to welcome the clients of Peoples Community Bank to First Financial and want to assure them that their deposits are safe, secure and readily accessible. It will be business as usual on Monday at all 19 of the former Peoples banking centers as they become a part of First Financial Bank,” said Claude Davis, president and chief executive officer of First Financial Bancorp. “Clients will recognize familiar banking center associates from Peoples who will continue to take care of their banking needs. We believe it’s a real positive for Peoples clients and look forward to building strong relationships with them.”

All deposits are being assumed by First Financial Bank resulting in no losses to any depositor. Over the weekend, Peoples Community Bank clients will be able to access their money by writing checks, accessing online banking, or using their ATM or debit card. Offices will be open on Saturday to answer client questions but the teller windows will be closed. Other First Financial banking centers will be open to assist Peoples clients as well.

“The purchase of these banking centers is a strategic fit and expands First Financial’s presence in Greater Cincinnati to over 50 locations. We’re excited to extend First Financial’s products, services and brand of banking to a larger client base,” Davis noted. “First Financial has been recognized for our stability and our focus on asset quality, liquidity and strong capitalization. Our strong financial position has enabled us to complete this strategic purchase.”

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