TERRE HAUTE, Ind. — First Financial Corp. said Friday that it has agreed to buy Community Financial Corp. of Olney, Ill., for about $20 million.

The deal would extend the Illinois market share of the buyer’s Terre Haute First National Bank subsidiary.

Wayne H. Benson, the president and chief executive officer of $276 million-asset Community Financial, said the deal was best way for his company to maximize the shareholders’ value and benefit the community. The agreement with $2 billion-asset First Financial calls for Community Financial stockholders to receive about $15 in cash for each of their shares.

The deal is expected to close in late summer or early fall.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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