HAMILTON, Ohio - First Financial Bancorp has announced an agreement to acquire F&M Bancorp, Rochester, Ind., for about $12.5 million.
The deal is subject to a definitive agreement and regulatory and shareholder approvals.
First Financial, which has $1.9 billion in assets, plans to merge $60 million-asset Farmers and Merchants Bank with its Indiana subsidiary Lawrence Bank in North Manchester.
F&M shareholders would exchange shares of their stock for First Financial shares. The final exchange rate will be determined during an agreed-upon pricing period and will be based on an average of the bid and ask prices, with a specified minimum and maximum, the company said.
The company also announced a regular quarterly cash dividend of 26 cents per share, payable on July 1 to shareholders of record as of June 9.