Blackhawk Bancorp of Beloit, Wis., has agreed to buy Belvidere, Ill.- based First Financial Bancorp for $12.6 million in cash.

Blackhawk, a bank holding company with $201 million of assets, would pay up to $30 per share for each outstanding share of First Financial, an $82 million-asset, three-branch thrift company. The deal, for 1.63 times First Financial's book value, is expected to close during the third quarter.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.