IBJNews

First Financial buying Flagstar's 22 Indiana branches

Back to TopCommentsE-mailPrintBookmark and Share

Cincinnati-based First Financial Bancorp, which took over operations of failed Irwin Union Bank of Columbus two years ago, is deepening its Indiana presence with the purchase of all 22 Flagstar Bank branches in the state.

Eighteen are in the Indianapolis area.

First Financial said the $23 million purchase gives it a rare opportunity to expand its presence in the Indianapolis metro area at a time there are few acquisition targets available.

Because there has been so much consolidation in the Indianapolis banking market, the top seven institutions control 75 percent of the deposit base, said Claude Davis, First Financial’s CEO.

“The Flagstar branches, which are concentrated in populated areas within the market, represent one of the most attractive opportunities to continue building our brand in this strategically important market,” he said.

The deposits associated with Flagstar's Indiana franchise totaled $526 million as of June 30, 2011, First Financial said.

Flagstar Bank’s parent, Troy, Mich.-based Flagstar Bancorp, said it is divesting its Indiana holdings to focus on markets where it has a larger presence and sees greater growth potential—Michigan and New England.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT