Sunday, April 18th, 2021

First Farmers Bank completes acquisition

Posted: Friday, May 18, 2012

First Farmers Financial Corp., Converse, and First Citizens of Paris, Inc., Paris, Illinois, completed their previously announced merger on May 1, 2012 by which Citizens National Bank merged into First Farmers Bank & Trust, the wholly owned subsidiary bank of FFFC.

Gene Miles, president and chief executive officer of First Farmers Bank & Trust, stated, “We are extremely excited at the blending of these two organizations. Both banks share the common philosophy of commitment to community banking and rural agriculture. We feel that our combined staffs will be in an excellent position to provide comprehensive financial services to clients in new markets that are economically and culturally similar to those that First Farmers Bank & Trust has served very effectively since 1885.”

The acquisition will give First Farmers Bank & Trust 24 branches (21 in Indiana and 3 in Illinois), over $1.1 billion in assets and gross capital of over $100 million.

“Technology certainly allows our organization to serve markets that we would not have predicted 20 years ago. However, it is certainly not a substitute for possessing experienced, qualified, and conscientious local employees to serve these markets in a progressive and comprehensive manner. We are only as capable as those that represent our name and I am confident that customers in Paris, Oakland, and Terre Haute will find our organization to be unique in our level of service and expertise. Our strong capital position gives us an excellent opportunity to grow this business and we’re excited about the future of our combined operations,” added Miles.

Mike Renninger, Renninger & Associates LLC, has acted as financial advisor to First Farmers Financial Corp. and Tom Blank of Shumaker Loop & Kendrick, LLP, is counsel to First Farmers Financial Corp. in connection with the transaction. Financial terms of the transaction were not announced.