CINCINNATI, Dec. 22, 2020 /PRNewswire/ -- First
Financial Bancorp (Nasdaq: FFBC) has announced that its Board of
Directors has approved a stock repurchase plan. The plan authorizes
the purchase of up to 5,000,000 shares of the Company's common
stock, representing approximately 5 percent of the Company's issued
and outstanding shares of common stock as of September 30, 2020. The stock repurchase plan
will be effective upon the expiration of the Company's current
repurchase plan on December 31, 2020,
and will continue for two years.
"In response to the Covid-19 pandemic, we decided to suspend
share repurchase activity in the first quarter of 2020," said First
Financial CEO Archie Brown. "While
we currently have no specific timeline for resuming share
repurchases, the reauthorization of this plan is a part of our
normal capital planning process and provides us with the option to
be opportunistic as we gain more clarity around the current
economic environment."
Share repurchases will be made periodically as permitted by
securities laws and other legal requirements and will be subject to
market conditions, as well as other factors. Repurchases may be
made in the open market, through block trades or otherwise, and in
privately negotiated transactions. Share purchases may be commenced
or suspended at any time or periodically without prior notice.
About First Financial Bancorp.
First Financial
Bancorp. is a Cincinnati, Ohio
based bank holding company. As of September
30, 2020, the Company had $15.9
billion in assets, $10.2
billion in loans, $11.6
billion in deposits and $2.2
billion in shareholders' equity. The Company's subsidiary,
First Financial Bank, founded in 1863, provides banking and
financial services products through its six lines of business:
Commercial, Retail Banking, Investment Commercial Real Estate,
Mortgage Banking, Commercial Finance and Wealth Management. These
business units provide traditional banking services to business and
retail clients. Wealth Management provides wealth planning,
portfolio management, trust and estate, brokerage and retirement
plan services and had approximately $2.8
billion in assets under management as of September 30, 2020. The Company operated 143 full
service banking centers as of September 30,
2020, primarily in Ohio,
Indiana and Kentucky, while the Commercial Finance
business lends into targeted industry verticals on a nationwide
basis. Additional information about the Company, including its
products, services and banking locations, is available at
www.bankatfirst.com.
View original
content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-stock-repurchase-plan-301197299.html
SOURCE First Financial Bancorp.