COLUMBUS, Ohio -- Huntington Bancshares Inc. on Monday agreed to buy First Bancorp Indiana in a cash-and-stock transaction valued at $47.5 million.

The purchase price equals 1.7 times the book value of First Bancorp, a healthy thrift with $284 million of assets. The company, based in Lafayette, has four offices.

The deal is the second in two weeks that Huntington, based in Columbus, Ohio, has announced in Indiana. Last week, it agreed to buy Railroadmen's Federal Savings and Loan Association, a healthy Indianapolis-based thrift with $660 million of assets.

First Bancorp common shareholders have the option of receiving either 100% Huntington stock or 100% cash for their shares, as long as the total cash payout ranges between $19 million and $22.8 million.

When Huntington's two Indiana deals close, the company will have $1.3 billion of assets and 27 offices in the state.

The deals, which are subject to shareholder and regulatory approval, are expected to be completed by the fourth quarter.

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