First Financial Bancorp has signed a definitive agreement for the cash purchase of a Connersville, Ind., insurance agency. The Feb. 7 agreement indicates that the agency would operate as a full-service office of Flagstone Insurance and Financial Services.
A letter of intent had been signed between the two parties on Dec. 27, 2002.
Both parties hope to complete the merger by the end of the second quarter, pending approval from regulatory authorities and the directors of both companies.
The move is part of First Financial’s plan to add insurance representation in each of the Hamilton, Ohio-based company’s regional markets.
Flagstone Insurance was formed in 1997 and now has six employees in its Hamilton and Celina, Ohio offices.
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