First Financial in Terre Haute, Ind., has agreed to buy Hancock Bancorp in Hawesville, Ky.
The $4.8 billion-asset First Financial said in a press release Tuesday that it will pay $31.4 million in cash for the $334 million-asset parent of Hancock Bank & Trust. The deal is expected to close in the fourth quarter.
First Financial, which is expanding into western Kentucky, said it expects the deal to be about 7% accretive to earnings per share.
“We are excited to be joining forces with another bank that has deep roots in its community,” Norman Lowery, First Financial’s president and CEO, said in the release. “Together, our team of bankers will deliver unparalleled service to our customers and communities and continue to make those communities better places to live and work.”
Hancock has seven branches, $249 million of loans and $285 million of deposits.
Janney Montgomery Scott and SmithAmundsen advised First Financial. ProBank Austin and Frost Brown Todd advised Hancock.