First Financial Corporation and CedarStone Financial, Inc. Sign Merger Agreement
First Financial (NASDAQ: THFF) will acquire CedarStone Financial for $19.12 per share in cash, for an aggregate transaction value of $25.0 million. Upon closing, CedarStone Bank will merge into First Financial Bank, creating a combined company with approximately $6.1 billion in consolidated assets.
CedarStone, headquartered in Lebanon, Tennessee, has roughly $358 million in assets and operates 3 branches serving Lebanon, Mount Juliet and Nashville. First Financial, headquartered in Terre Haute, Indiana, has about $5.7 billion in assets and 79 banking centers across five states. The transaction is expected to close in Q1 2026 and is subject to customary closing conditions, including regulatory and CedarStone stockholder approvals.
First Financial (NASDAQ: THFF) acquisirà CedarStone Financial per $19,12 per azione in contanti, per un valore complessivo dell'operazione di $25,0 milioni. Al momento della chiusura, CedarStone Bank sarà fusa con First Financial Bank, creando una società combinata con circa $6,1 miliardi di attivi consolidati.
CedarStone, con sede a Lebanon, Tennessee, ha circa $358 milioni in attivo e gestisce 3 filiali che servono Lebanon, Mount Juliet e Nashville. First Financial, con sede a Terre Haute, Indiana, ha circa $5,7 miliardi di attivi e 79 centri bancari in cinque stati. L'operazione dovrebbe chiudersi nel Q1 2026 ed è soggetta alle condizioni di chiusura usuali, comprese le approvazioni regolamentari e degli azionisti di CedarStone.
First Financial (NASDAQ: THFF) adquirirá CedarStone Financial por $19.12 por acción en efectivo, por un valor total de la operación de $25.0 millones. Al cerrarse, CedarStone Bank se fusionará con First Financial Bank, creando una empresa combinada con aproximadamente $6.1 mil millones en activos consolidados.
CedarStone, con sede en Lebanon, Tennessee, tiene alrededor de $358 millones en activos y opera 3 sucursales que atienden a Lebanon, Mount Juliet y Nashville. First Financial, con sede en Terre Haute, Indiana, tiene unos $5.7 mil millones en activos y 79 centros bancarios en cinco estados. Se espera que la operación cierre en Q1 2026 y está sujeta a las condiciones de cierre habituales, incluidas las aprobaciones regulatorias y de los accionistas de CedarStone.
First Financial (NASDAQ: THFF)가 CedarStone Financial을 현금 1주당 19.12달러에 인수하여 총 거래 가액은 2,500만 달러가 됩니다. 거래 종결 시 CedarStone Bank는 First Financial Bank와 합병되어 약 61억 달러 규모의 연결 자산을 가진 결합 회사를 만듭니다.
CedarStone은 테네시주 레바논에 본사를 두고 있으며 자산은 약 $358백만이고 3개 지점을 운영하여 레바논, 마운트줄리엣, 내슈빌을 서비스합니다. First Financial은 인디애나주 테레 호트에 본사를 두고 있으며 자산은 약 $5.7십억이고 다섯 주에 걸친 79개의 은행 지점을 보유합니다. 거래는 2026년 1분기에 종결될 것으로 예상되며 규제 및 CedarStone 주주 승인을 포함한 관례적인 종결 조건에 따릅니다.
First Financial (NASDAQ : THFF) va acquérir CedarStone Financial pour 19,12 $US par action en espèces, pour une valeur totale de transaction de 25,0 millions de dollars. À la clôture, CedarStone Bank sera fusionnée avec First Financial Bank, créant une société combinée détenant environ 6,1 milliards de dollars d’actifs consolidés.
CedarStone, dont le siège est à Lebanon, Tennessee, dispose d’environ 358 millions de dollars d’actifs et exploite 3 succursales desservant Lebanon, Mount Juliet et Nashville. First Financial, dont le siège est à Terre Haute, Indiana, détient environ 5,7 milliards de dollars d’actifs et 79 centres bancaires répartis sur cinq états. La transaction devrait être clôturée au 1er trimestre 2026 et est subordonnée aux conditions habituelles de clôture, y compris les approbations réglementaires et des actionnaires de CedarStone.
First Financial (NASDAQ: THFF) wird CedarStone Financial für 19,12 $ pro Aktie in bar erwerben, für einen Gesamtkaufpreis von 25,0 Mio. $. Beim Abschluss wird CedarStone Bank mit First Financial Bank fusionieren, wodurch ein kombiniertes Unternehmen mit ca. 6,1 Mrd. $ an konsolidierten Vermögenswerten entsteht.
CedarStone hat seinen Hauptsitz in Lebanon, Tennessee, und verfügt über ca. $358 Millionen an Vermögenswerten und betreibt 3 Filialen, die Lebanon, Mount Juliet und Nashville bedienen. First Financial hat seinen Hauptsitz in Terre Haute, Indiana, und verfügt über ca. $5,7 Milliarden an Vermögenswerten und 79 Filialen in fünf Bundesstaaten. Der Abschluss der Transaktion wird voraussichtlich im Q1 2026 erfolgen und unterliegt den üblichen Abschlussbedingungen, einschließlich behördlicher Genehmigungen und Zustimmungen der CedarStone-Aktionäre.
First Financial (NASDAQ: THFF) ستستحوذ على CedarStone Financial بمبلغ $19.12 للسهم نقداً، بقيمة إجمالية للمعاملة قدرها $25.0 مليون. عند الإغلاق، ستندمج CedarStone Bank مع First Financial Bank، في شركة موحدة تمتلك حوالي $6.1 مليار من الأصول المجمعة.
تقع CedarStone في لبنان، تينيسي، وتملك أصولاً تبلغ نحو $358 مليون وتدير 3 فروع تخدم لبنان، مونت جولييت وناشفيل. أما First Financial، فمقرها في تير هوت، إنديانا، فتمتلك نحو $5.7 مليار من الأصول و79 مركزاً بنكياً عبر خمس ولايات. من المتوقع أن تكتمل الصفقة في الربع الأول من 2026 وهي خاضعة لشروط الإغلاق المعتادة، بما في ذلك الموافقات التنظيمية وموافقات مساهمي CedarStone.
- $19.12 cash per CedarStone share
- Adds $358M in CedarStone assets
- Adds 3 Tennessee branches (Lebanon, Mount Juliet, Nashville)
- Combined consolidated assets of ~$6.1B upon close
- Transaction subject to regulatory and CedarStone stockholder approvals
- Expected close timing is conditional in Q1 2026
Insights
Definitive cash acquisition: First Financial to buy CedarStone for
First Financial will acquire all outstanding CedarStone shares for
The transaction depends on customary closing conditions, including regulatory approval and CedarStone stockholder consent. The announced advisory teams and an independent fairness opinion reduce execution uncertainty but do not eliminate regulatory review timing risk.
Watch for the regulatory approval process and the CedarStone shareholder vote ahead of the expected close in
Transaction expands First Financial into the Nashville area by adding three branches and
CedarStone brings three Tennessee branches serving Lebanon, Mount Juliet and Nashville and reports assets of approximately
Primary dependencies include regulatory sign-off and shareholder approval; integration will focus on branch consolidation and customer retention in the Nashville market. Key near-term items to monitor are the shareholder vote and any regulatory conditions announced before the anticipated
TERRE HAUTE, Ind. and LEBANON, Tenn., Nov. 06, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ: THFF) (“First Financial”) and CedarStone Financial, Inc. (“CedarStone”) jointly announced today the execution of a definitive agreement under which First Financial will acquire CedarStone. First Financial will pay
CedarStone, headquartered in Lebanon, Tennessee, has approximately
First Financial, headquartered in Terre Haute, Indiana, has assets of approximately
“This acquisition is exciting for our company. CedarStone provides us with an opportunity to further expand our franchise in the attractive Nashville market. We look forward to continuing CedarStone’s commitment to creating meaningful customer relationships and serving the community,” commented Norman D. Lowery, President and CEO of First Financial.
Bob McDonald, President and CEO of CedarStone, added, “We are pleased for our stakeholders, but are also delighted that our customers will continue to enjoy a great relationship working with a strong community-focused financial organization. We are excited about the stability and additional growth opportunities that our agreement with First Financial will provide.”
The transaction is expected to close in the first quarter of 2026 and is subject to customary closing conditions, including, but not limited to, receipt of regulatory and CedarStone stockholder approvals.
First Financial was advised by the investment banking firm of Raymond James & Associates, Inc. and the law firm of Amundsen Davis, LLC. CedarStone was advised by the investment banking firm of Forvis Mazars Capital Advisors, LLC and the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC. Hovde Group, LLC issued an independent fairness opinion to CedarStone.
About First Financial Corporation
First Financial Corporation (NASDAQ: THFF) is the holding company for First Financial Bank N.A. First Financial Bank N.A. is the fifth oldest national bank in the United States, operating 79 banking centers in Georgia, Illinois, Indiana, Kentucky and Tennessee. Additional information is available at www.first-online.bank.
About CedarStone
CedarStone is known for returning to the simple basics of banking. CedarStone’s friendly, experienced bankers are a group of business and community leaders in Wilson County & Nashville who deliver professional services and products to individuals and businesses. CedarStone’s commitment to serving its customers personally offering a simply better banking experience have led to it being voted one of the best banks and local mortgage lenders in Wilson County year after year. CedarStone is an equal housing lender and member FDIC. For more information, visit https://www.cedarstonebank.com.
Important Additional Information About the Merger
This press release is not a solicitation of any vote in any jurisdiction pursuant to the proposed merger or otherwise. This press release is not a substitute for information provided to CedarStone’s shareholders by the CedarStone board of directors.
CedarStone and its directors, executive officers, and certain other persons may be deemed, under SEC rules, to be participants in the solicitation of proxies from CedarStone’s stockholders in connection with the proposed merger.
No Offer or Sale
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This press release is also not a solicitation of any vote in any jurisdiction pursuant to the proposed merger or otherwise. No offer of securities or solicitation will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Forward-Looking Statements
Certain statements contained in this press release, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, certain plans, expectations, goals, projections, and benefits relating to the proposed merger between First Financial Bank and CedarStone, which are subject to numerous assumptions, risks and uncertainties. Words such as ‘‘believes,’’ ‘‘anticipates,’’ “may,” “will,” “should,” “likely,” “expected,” “estimated,” ‘‘intends,’’ “future,” “plan,” “goal,” “seek,” “project,” or the negative of these terms and other similar expressions may identify forward-looking statements, but are not the exclusive means of identifying such statements. Please refer to First Financial’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as their other filings with the SEC, for a more detailed discussion of risks, uncertainties, and factors that could cause actual results to differ from those discussed in the forward-looking statements. First Financial intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. Investors and security holders may obtain free copies of First Financial’s SEC filings without charge at the SEC’s website at https://www.sec.gov or under the “Investor Relations” section of First Financial’s website at https://investor.first-online.bank.
Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. In addition to factors previously disclosed in reports filed by First Financial with the SEC, risks and uncertainties for First Financial, CedarStone, and the combined company include, but are not limited to: the possibility that any of the anticipated benefits of the proposed merger will not be realized or will not be realized within the expected time period; the risk that integration of CedarStone’s operations with those of First Financial and First Financial Bank will be materially delayed or will be more costly or difficult than expected; the inability to close the proposed merger in a timely manner; the inability to complete the proposed merger due to the failure of CedarStone’s stockholders to adopt the merger agreement; diversion of management's attention from ongoing business operations and opportunities; the failure to satisfy other conditions to completion of the proposed merger, including receipt of required regulatory and other approvals; the failure of the proposed merger to close for any other reason; the challenges of integrating and retaining key employees; the effect of the announcement of the proposed merger on First Financial’s, First Financial Bank’s, CedarStone’s, CedarStone Bank’s, or the combined company's respective customer relationships, operating results, or market price; the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected or unknown factors, events, or liabilities; potential litigation or regulatory action related to the proposed merger; and general competitive, economic, political and market conditions, and fluctuations. All forward-looking statements included in this press release are made as of the date hereof and are based on information available at the time of the press release. Except as required by law, neither First Financial nor CedarStone assumes any obligation to update any forward-looking statement.
Contacts:
First Financial Corporation
Norman D. Lowery, 812-238-6185
President and CEO
CedarStone Financial, Inc.
Bob McDonald, 615-547-5581
President and CEO
FAQ
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