First Financial Bank, a banking subsidiary of Ohio-based First Financial Bancorp, has purchased the banking operations of Peoples Community Bank, the subsidiary bank of Peoples Community Bancorp through an agreement with the Federal Deposit Insurance Corporation (FDIC). The Office of Thrift Supervision declared Peoples Community Bank closure and appointed the FDIC as receiver.
Reportedly, the purchase by First Financial is effective immediately and includes approximately $538 million in total deposits. In addition, all deposits are assumed by First Financial Bank resulting in no losses to any depositor. It has added that the Peoples Community Bank clients can access their money by writing checks, accessing online banking, or using their ATM or debit card.
Moreover, as a result of the receivership, First Financial terminated its previously announced purchase and assumption agreement with Peoples.
Claude Davis, president and CEO of First Financial Bancorp, said: The purchase of these banking centers is a strategic fit and expands First Financial’s presence in greater Cincinnati to over 50 locations.”
