BusinessFriday, November 6
First Harrison Bank's parent agrees to buy Evansville's First Bancorp for $33.2 million
The Daily Evansville team
If you bank at First Federal Savings Bank, there's news. First Capital, the Corydon holding company for First Harrison Bank, has agreed to buy First Bancorp of Indiana, First Federal's Evansville-based parent. In the all-stock deal, First Federal will merge with and into First Harrison Bank upon closing.
The deal comes down to three figures
- $33.2 million
- all-stock value of the deal
- $63.05
- First Capital's 20-day average share price as of Nov. 4
- 0.3075
- First Capital shares for each First Bancorp share
“The expansion of our branch network across these markets will allow us to attract additional talent, build meaningful customer relationships and grow our franchise through a partnership with an organization that shares our approach to community banking.”
Michael Head, First Bancorp's president and CEO, will join the holding company's board and become a market president at First Harrison.
The combined bank would hold roughly $1.88 billion in assets
| First Bancorp now | Measure | Combined bank |
|---|---|---|
| $0.58B | Assets | $1.88B |
| $0.44B | Loans | $1.13B |
| $0.47B | Deposits | $1.57B |
Sources: Banking Dive, markets.businessinsider.com
- Expected close: first half of 2027
- Branches: First Federal has 10, First Harrison has 17
- Both companies' boards approved the deal unanimously