First Financial to buy Liberty Savings branches

First Financial Bank has signed a deal to acquire all 16 Ohio retail banking branches of Liberty Savings Bank for roughly $22 million.

Wilmington-based Liberty?s branches have approximately $346.2 million as of March 31. First Financial will pay a 6.41 percent net premium on deposits, or $22.2 million based on the deposit balance.

In addition, First Financial agreed to purchase a diversified portfolio of roughly $143.3 million of in-market performing loans as part of this transaction. The acquired loan portfolio consists of approximately 38 percent residential mortgages, 37 percent commercial real estate and multifamily loans and 20 percent home equity...

Source: http://feeds.bizjournals.com/~r/bizj_cincinnati/~3/qw_qHyalI_k/first-financial-to-buy-liberty-savings.html

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