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First Financial Corporation Branch Optimization Plan
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TERRE HAUTE, Ind., Oct. 31, 2022 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ: THFF) (the “Company”) today announced plans to optimize its banking center network as part of a plan to improve operating efficiencies and accommodate changing customer preferences.
Subject to regulatory requirements, over the next two quarters the Company will close and consolidate seven of its seventy-two branches.
“Our customers are rapidly adopting our online banking platforms which provides us with an opportunity to consolidate these branches into other nearby locations while maintaining the high level of service our customers expect,” said First Financial Chairman Norman L. Lowery.
These consolidations which are expected to be completed in the first quarter 2023, are projected to save the Company approximately $1.5 million per year in operating expenses, commencing in the first quarter of 2023.
The Company expects to record pre-tax charges of approximately $1.5 million during the fourth quarter of 2022 and the first quarter of 2023.
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 72 banking centers in Illinois, Indiana, Kentucky and Tennessee. Additional information is available at www.first-online.bank.
in 1834, a branch of the second state bank of indiana - the earliest ancestor of first financial bank - opened to serve the people who had settled in vigo county and the wabash river valley. today, first financial bank is the oldest national bank in indiana and the sixth oldest in the united states, still holding the 47th charter granted in the united states anticipating passage of a state law that would allow multi-bank holding companies, the bank applied for approval from the federal reserve board to establish such an entity. it received that approval in february 1983, and first financial corporation became the holding company for what was then terre haute first national bank. in august 1984, first financial corporation became the first multi-bank holding company in the state of indiana. the corporation is the only publicly traded company headquartered in vigo county and has been ranked among the top 100 most efficient bank holding companies in the united states. through growth and m
