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First Financial Bancorp. ($6.25 billion) signed an agreement to acquire Worthington, Ohio-based Insight Bank ($200.2 million), according to a Form 8-K filed Dec. 20.
Under the agreement, First Financial -- which recently signed a merger agreement with Bexley, Ohio-based First Bexley Bank -- will acquire Insight Bank in a cash-and-stock transaction in which the latter will merge with and into Hamilton, Ohio-based First Financial Bank NA.
Under the terms of the deal, Insight Bank shareholders will receive $20.50 for each share of the bank's common stock consisting of $16.40 in First Financial Bancorp.'s common stock and $4.10 in cash, subject to certain adjustments depending on changes in the price of First Financial Bancorp.'s common stock. The final exchange ratio related to the...