Exhibit
99.1
First
Financial Bancorp Completes $103.5 million Capital Raise
Cincinnati,
Ohio – June 8, 2009 -- First Financial Bancorp (NASDAQ: FFBC) announced today
that it has completed a public offering of 13.8 million shares of its common
shares at a price to the public of $7.50 per share for total gross proceeds of
$103.5 million. The shares sold include 1.8 million shares purchased by the
underwriters pursuant to their over-allotment option, which was exercised in
full. The net proceeds of the offering after deducting underwriting discounts
and commissions and estimated offering expenses are expected to be approximately
$98.0 million.
This news
release does not constitute an offer to sell or a solicitation of an offer to
buy any securities, nor shall there be any sale of these securities in any state
or jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction. A registration statement relating to these
securities has been filed with the Securities and Exchange Commission and is
effective. A copy may be obtained free of charge at the Investor Relations
section of First Financial’s website at www.bankatfirst.com/Investor.
Alternatively, you may obtain a copy of the prospectus from the SEC’s website at
www.sec.gov, or by contacting the underwriters at:
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Sandler
O’Neill + Partners, L.P.
Syndication
Department
919
Third Avenue, 6th Floor
New
York NY 10022
212-466-7800
|
Keefe,
Bruyette & Woods, Inc.
Equity
Capital Markets
787
Seventh Avenue, 4th Floor
New
York NY 10019
800-966-1559
|
Forward-Looking
Statements
This news
release should be read in conjunction with the consolidated financial
statements, notes and tables in First Financial Bancorp’s most recent Annual
Report on Form 10-K for the year ended December 31, 2008. Management’s analysis
contains forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance. However, such
performance involves risk and uncertainties that may cause actual results to
differ materially. Factors that could cause actual results to differ from those
discussed in the forward-looking statements include, but are not limited to,
management’s ability to effectively execute its business plan; the risk that the
strength of the United States economy in general and the strength of the local
economies in which First Financial conducts operations continue to deteriorate,
resulting in, among other things, a deterioration in credit quality or a reduced
demand for credit, including the resultant effect on First Financial’s loan
portfolio, allowance for loan and lease losses and overall financial purpose;
the ability of financial institutions to access sources of liquidity at a
reasonable cost; the impact of recent upheaval in the financial markets and the
effectiveness of domestic and international governmental actions taken in
response, such as the U.S. Treasury’s TARP and the FDIC’s Temporary Liquidity
Guarantee Program, and the effect of such governmental actions on First
Financial, its competitors and counterparties, financial markets generally and
availability of credit specifically, and the U.S. and international economies,
including potentially higher FDIC premiums arising from participation in the
Temporary Liquidity Guarantee Program or from increased payments from FDIC
insurance funds as a result of depository institution failures; the effects of
and changes in policies and laws of regulatory agencies, inflation, and interest
rates; technology changes; our ability to successfully complete mergers and
acquisitions and the ability to successfully integrate the businesses acquired,
including our ability to successfully complete and then integrate the branches
which are proposed to be acquired from Peoples Community Bank, and the risk that
exploring merger and acquisition opportunities may detract from management’s
time and ability to successfully manage our company; our ability to increase
market shares and control expenses; the effect of changes in accounting policies
and practices; adverse changes in the securities markets; our ability to manage
loan delinquency and charge off rates and changes in estimation of the adequacy
of the allowance for loan losses; First Financial’s success in recruiting and
retaining the necessary personnel to support business growth and expansion and
maintain sufficient expertise to support increasingly complex products and
services; the cost and effects of litigation and of unexpected or adverse
outcomes in such litigation; uncertainties arising from First Financial’s
participation in the TARP, including impacts on employee recruitment and
retention and other business practices, and uncertainties concerning the
potential redemption of the U.S. Treasury’s preferred stock investment under the
program, including the timing of, regulatory approvals for, and conditions
placed upon, any such redemption; and First Financial’s success at managing the
risks involved in the foregoing. For further discussion of certain factors that
may cause such forward-looking statements to differ materially from actual
results, refer to the 2008 Form 10-K and other public documents filed with the
Securities and Exchange Commission (SEC), as well as the most recent Form 10-Q
filing for the quarter ended March 31, 2009. These documents are available at no
cost within the investor relations section of First Financial’s website at
www.bankatfirst.com/investor and on the SEC's website at
www.sec.gov.
About
First Financial Bancorp
First
Financial Bancorp is a Cincinnati, Ohio based bank holding company with $3.8
billion in assets. Its banking subsidiary, First Financial Bank, N.A., founded
in 1863, provides retail and commercial banking products and services, and
investment and insurance products through its 82 retail banking locations in
Ohio, Kentucky and Indiana. The bank’s wealth management division, First
Financial Wealth Resource Group, provides investment management, traditional
trust, brokerage, private banking, and insurance services, and has approximately
$1.6 billion in assets under management. Additional information about the
company, including its products, services, and banking locations, is available
at www.bankatfirst.com/investor.
Additional
Information
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Investors/Analysts
Patti
Forsythe
Vice
President, Investor Relations
513-979-5837
patti.forsythe@bankatfirst.com
|
Media
Cheryl
Lipp
First
Vice President, Marketing Director
513-979-5797
cheryl.lipp@bankatfirst.com
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