First Financial in Indiana to close nine branches

First Financial in Terre Haute, Ind., plans to close about 10% of its branches over the next two quarters.

The $4.8 billion-asset company said in a press release Thursday that it will shutter nine locations. It closed another branch earlier this year.

“Our customers are rapidly adopting our online banking platforms which provides us with an opportunity to consolidate these branches into other nearby locations while maintaining the high level of service our customers expect,” Norman Lowery, First Financial’s chairman, said in the release.

The closures are expected to save First Financial $2.3 million a year. The company said it expects to incur $1.5 million in pretax charges tied to the effort.

First Financial agreed in August to buy Hancock Bancorp in Hawesville, Ky., for $31.4 million.

The company recently announced that it would merge its The Morris Plan Company of Terre Haute unit into First Financial Bank.

The Bank Slate

First Financial in Indiana to close nine branches

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The Bank Slate

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About the author

Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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