First Financial Bancorp, Inc.

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Deal Overview

Buyer:
Blackhawk Bancorp, Inc.
Actual Acquirer:
Blackhawk Bancorp, Inc.
Target:
First Financial Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/7/1998
Announcement Date:
5/7/1998
Announced Deal Value ($ M):
12.70
Status:
Completed
Completion Date:
9/3/1998
Announced Deal Value Per Share ($ )
30.00

Consideration Breakout
Cash ($M) 12.7

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 161.5 160.4
Price / Tangible Book (%) 161.5 160.4
Price / Earnings (x) NM 50.9
Price / Deposits (%) 18.91 18.32
Price / Assets (%) 15.47 15.88
Tangible Book Premium/ Deposits (%) 9.19 8.66
Deal Terms
Description of Consideration

First Financial shareholders received $30 in cash for each share held. The per share price was subject to a decrease under certain circumstances, with a floor of $29 a share.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 4,973
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 100
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Austin Associates LLC
Seller Yes Howe Barnes Hoefer & Arnett
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Werner & Blank LLC
Seller Yes Schiff Hardin LLP