Cincinnati-based First Financial Bancorp is making changes to its executive lineup as it prepares to acquire Greensburg-based MainSource Financial Group for $1 billion.
The all-stock transaction, valued at $1 billion, was announced in July. After it closes in the first quarter, the MainSource name will disappear and all its offices will operate as First Financial.
MainSource CFO James M. Anderson will become CFO at First Financial. His annual salary will be $360,000, according to a filing with U.S. Securities and Exchange Commission.
The CFO position currently is held by John M. Gavigan, who is becoming First Financial’s chief administrative officer at an annual salary of $310,000.
The merger will make First Financial the 13th-largest bank in the Indianapolis market, with 18 branches and $789 million in deposits, according to a First Financial investor presentation.•