09/02/2018 22:00:00

First Savings Financial Group, Inc. Completes Acquisition of The First National Bank of Odon

CLARKSVILLE, Ind., Feb. 09, 2018 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (Nasdaq:FSFG) (“FSFG”), the holding company for First Savings Bank (“First Savings”), today announced that it completed its acquisition of The First National Bank of Odon (“FNBO”) effective after the close of business today.  FNBO was merged with and into First Savings.

In the all-cash transaction valued at $10.6 million, each outstanding share of FNBO common stock is entitled to receive $265.00 in cash, without interest.  On or about February 12, 2018, Broadridge Corporate Issuer Solutions, Inc., FSFG’s exchange/paying agent, will mail a letter of transmittal to FNBO shareholders so that they may submit their FNBO stock certificate(s) in exchange for their cash payment.

As of December 31, 2017, FNBO had total assets of $106.0 million, with loans of $34.7 million, deposits of $97.9 million and stockholders’ equity of $7.7 million.  FNBO operated two full-service offices in Daviess County, Indiana.

Larry W. Myers, FSFG’s and First Savings’ President and Chief Executive Officer, stated, “We are very excited to partner with this terrific franchise for the benefit of our new clients, the communities in Daviess County and our shareholders.  It is rewarding to bring additional products, services and support to these clients and communities.  The addition of these offices to the First Savings network provides for a 17% market share in Daviess County and establishes a new market in which we can expand our franchise.  Moreover, it continues to demonstrate our commitment to serving and expanding throughout the southern Indiana market.  We anticipate that this transaction will be accretive to earnings in the first year, excluding one-time transaction-related expenses, improve funding sources for continued growth, and enhance near and long-term shareholder value.”

Luse Gorman, PC acted as legal counsel to FSFG and First Savings, and Keefe, Bruyette & Woods, Inc. acted as financial advisor.  Barnes & Thornburg LLP acted as legal counsel to FNBO, and Renninger & Associates, LLC acted as financial advisor and rendered a fairness opinion to FNBO.

About First Savings Financial Group, Inc. and First Savings Bank

FSFG is the financial holding company for First Savings, which operates sixteen offices in the Indiana communities of Clarksville, Jeffersonville, Charlestown, Sellersburg, New Albany, Georgetown, Corydon, Lanesville, Elizabeth, English, Leavenworth, Marengo, Salem, Odon and Montgomery.  Additional information can be found on First Savings’ website at www.fsbbank.net.

Forward-Looking Statements

This press release contains certain forward-looking statements about the acquisition transaction.  These statements include statements regarding the transaction and anticipated future results.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”  Certain factors that could cause actual results to differ materially from expected results include difficulties in achieving cost savings from the transaction or in achieving such cost savings within the expected time frame; difficulties in integrating the operations of FNBO and First Savings; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions; legislative or regulatory changes that adversely affect the business in which First Saving is engaged; changes in the securities markets; and other risks and uncertainties disclosed from time to time in documents that FSFG files with the U.S. Securities and Exchange Commission.  FSFG assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

Contact:

Larry W. Myers

President and Chief Executive Officer

First Savings Financial Group, Inc.

First Savings Bank

(812) 283-0724

Primary Logo

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
18 Feb
NOVO-B
Når ens hustru har lidt voldsomt under diabetes  og dens bivirkninger tiltagende gennem 25 år, så er..
34
19 Feb
 
Jeg tager hatten for dit velbegrunede og fyldestgørende indlæg til debatten. Det kunne mange lære af..
32
21 Feb
GEN
Det er altid rart at møde et ungt menneske, der har potentiale til at blive klogere.
26
23 Feb
ZEAL
Jeg har tildigere her på EI rapporteret at Soliqua ville blive lanceret i Sydkorea. Nu har Sanofi af..
25
21 Feb
GEN
Du bliver da dummere og dummere at høre på 
21
23 Feb
ZEAL
Sanofi og  har for et par dage siden oplyst på clinicaltrial.gov at de starter studiet «LixiPark» me..
14
24 Feb
NRDF
  Aktieugen er overstået og desværre, men ikke særligt overraskende, viste det sig igen, at det dans..
13
23 Feb
GEN
H2 2018 er pakket med nyheder og kliniske data fra daratumumab i solide tumorer er en af de største ..
12
21 Feb
TRMD-A
Mange års erfaring i teknisk analyse berettiger mig til at give dig følgende svar:    Torm viser akt..
12
20 Feb
 
Helt korrekt. Jeg skiftede job i 2007 og har på denne ene pension fra dette tidspunkt indbetalt 648...
12

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
OCEANTEAM ASA - REPORTS SOLID FY 2017 RESULTS UNDER DIFFICULT MARKET CONDITIONS AND FINANCIAL RESTRUCTURING
2
Pomerantz Law Firm Announces the Filing of a Class Action against Bellicum Pharmaceuticals, Inc. and Certain Officers – BLCM
3
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in MetLife, Inc. of Class Action Lawsuit and Upcoming Deadline – MET
4
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Super Micro Computer, Inc. of Class Action Lawsuit and Upcoming Deadline – SMCI
5
Mayors Helping Mayors Rebuild Puerto Rico

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2018   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
25 February 2018 05:28:24
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20180222.1 - EUROWEB2 - 2018-02-25 06:28:24 - 2018-02-25 05:28:24 - 1000 - Website: OKAY