First Financial Bancorp is to offer $90 million of stock this week, $10 million less than the Ohio bank had expected when it priced its offering two weeks ago.
First Financial said Wednesday that it would sell 12 million shares at $7.50 apiece, generating net proceeds of $85.3 million. If investor demand is sufficient, it said, the offering's size could be increased by 15%.
The company has about 37 million shares outstanding. The stock was down 5% in early trading, to $8.21 a share, and is off one-third for the year.
First Financial has not said what the sale's proceeds might go toward, but it did take $80 million from the Treasury Department's Troubled Asset Relief Program.