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Updated: 10:15 p.m. Sunday, Sept. 25, 2011 | Posted: 10:14 p.m. Sunday, Sept. 25, 2011

First Financial, Liberty deal finalized

By Tim Tresslar

Staff Writer

First Financial Bancorp., a Cincinnati-based financial services firm, has finished its purchase of Liberty Savings Bank’s 16 Ohio branches and deposits.

The former Liberty Savings offices are to reopen under the First Financial nameplate today, First Financial executives said. Liberty offices were closed Saturday to finish the conversion to First Financial branches, including sign changes.

With the acquisition, the parent of First Financial gains approximately $325 million in deposits as well as $150 million in real estate, residential mortgage, home equity and other loans from Liberty.

With the acquisition, First Financial becomes the seventh largest bank in the Dayton metropolitan statistical area, based on deposit market share, executives said. It was expected to emerge from the deal with more than $400 million in deposits in Greene, Miami, Montgomery and Preble counties. Before the acquisition, First Financial had two branches in the Dayton metro area.

In the Dayton area, First Financial will have 90 employees, up from 20 prior to the acquisition, said Roger Furrer, commercial regional president.

Thirteen of Liberty’s branches are located in the Dayton area, while three others are in Clinton and Highland counties, Furrer said.

Including the Liberty offices, First Financial will have 116 offices in three states and 142 ATMs, executives said.

Liberty Savings has said it will focus on its remaining 18 branches in Colorado, Florida and South Carolina. The company also has said it will maintain back-office operations at Liberty Tower in downtown Dayton and Liberty Center in Wilmington. It also will have mortgage-servicing and online banking operations in Ohio, executives have said.

First Financial recently announced plans to relocate its headquarters to a new building in downtown Cincinnati. Additionally, in August it said it plans to buy 22 Indiana branches and deposits from Flagstar Bancorp.

Shares of First Financial (Nasdaq: FFBC) were trading Friday at $13.66, up 32 cents from the previous day’s close. The stock has a 52-week range of $12.84 and $19.57.

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