First Financial Buys Peoples Community Ban In FDIC Deal
August 3, 2009 (FinancialWire) — First Financial Bancorp. (NASDAQ: FFBC) said that its First Financial Bank, N.A. unit 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 Corp.
The Office of Thrift Supervision declared Peoples Community Bank closed on July 31 and appointed the FDIC as receiver. The purchase by First Financial took effect immediately and includes around $538 million in total deposits.
As of Monday, August 3, all 19 of the former Peoples banking centers will become part of First Financial Bank.
Cincinnati-based First Financial Bancorp is a bank holding company whose banking subsidiary, First Financial Bank, provides retail and commercial banking products and services, and investment and insurance products through its 82 retail banking locations in Ohio, Kentucky and Indiana.
The bank’s wealth management division, First Financial Wealth Resource Group, provides investment management, traditional trust, brokerage, private banking, and insurance services, and posts around $1.6 billion in assets under management.
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