First Financial Bancorp (FFBC) in Cincinnati is planning to close 10 of its branches in a move it says will reduce its annual overhead by about $2.3 million.
The $6.4 billion-asset company said in its earnings announcement Wednesday that nine of the branches are in Ohio and one is Indiana. First Financial, which has 136 branches in Ohio, Indiana and Kentucky, said the branches would be consolidated into nearby branches by June 29. It added that it has opened branches in Indiana and the Cincinnati area recently and that it will open two more over in greater Cincinnati over the next several months.
"We are intensely focused on deploying our resources in markets that provide the greatest prospects for maximizing growth and profitability and continue to evaluate the franchise for additional opportunities," President and Chief Executive Officer Claude Davis said in a news release.
The Dayton Business Journal reported that three of the branches to be closed are in the Dayton market. First Financial roughly doubled its footprint there with its recent acquisition of 16 branches from Liberty Savings Bank.
The Cincinnati Business Courier said the company intends to shutter two branches in that market.
First Financial reported earnings of $17 million in the first quarter, down 1% from the same period in 2011.