Hancock Bank merges with First Financial Corporation

In March of this year a financial adviser in Louisville approached Hancock Bank and Trust about entertaining the opportunity to merge with First Financial Corporation, a community bank based in Terre Haute, Ind. Hancock Bank and Trust President and CEO Claude R. Badgett said. Hancock Bank’s board of directors examined the move and liked the opportunity presented.

“It is a great strategic move for our company,” Badgett said. “The larger financial organization provides our customers with more banking opportunities, and our employees with more advancement opportunities.”

Badgett said First Financial is a community bank just like Hancock Bank and Trust, only larger. When the merger closes later this year, the name of Hancock Bank changes to First Financial.

When the merger completes, Badgett said his role changes from President and CEO to a Business Development Officer. Badgett said he expects the day-to-day operations of the bank to stay the same. Badgett said he also expects the local leadership to also stay the same; the specific decision on leadership in the various branches comes at a later date.

“Everything is going to continue to operate the same,” Badgett said.

In press release issued Tuesday morning Norman L. Lowery, the President and Chief Executive Officer of First Financial Corporation issued the following statement.

“We are excited to be joining forces with another bank that has deep roots in its community,” Lowery said. “Together, our team of bankers will deliver unparalleled service to our customers and communities, and continue to make those communities better places to live and work. With this combination, First Financial will extend its reach into western Kentucky.”

The press release said the merger of the two companies creates a financial institution with nearly $5 billion in assets, $2.9 billion in loans and $4.2 billion in deposits across 89 total branches. First Financial possesses branch locations in Indiana, Illinois, Tennessee and Kentucky. First Financial agreed to pay $18.38 per share for Hancock Bank and Trust’s outstanding common stock.

The release said First Financial provides lending services such as commercial, mortgages and consumer. The bank also provides lease financing and trusts in addition to other banking services.

Hancock Bank traces its roots back over 100 years. It started out as Hawesville Deposit Bank in 1888 before becoming Hancock Bank and Trust. From that humble beginning the institution grew and now contains branch seven locations in hancock, Breckinridge, Hopkins and Warren counties.

According to the press release, Hancock Bank and Trust is one of the most respected banks in the region. The company specializes in commercial, consumer and real estate lending services, but also offers a full range of banking activities.

By Ralph Dickerson