SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 27, 1998
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
Ohio 0-12379 31-1042001
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
300 High Street, Hamilton, Ohio 45011
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (513) 867-4700
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Item 5 - OTHER EVENTS
On February 27, 1998, the Registrant issued a press release concerning its
Year 2000 preparations. A copy of this press release is attached as
Exhibit 99.1.
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ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibit:
Exhibit 99.1 - Press release dated February 27, 1998 regarding Year 2000
preparations.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST FINANCIAL BANCORP.
(Registrant)
DATE March 5, 1998 /s/ Michael R. O'Dell
Michael R. O'Dell
Senior Vice President, Chief
Financial Officer and Secretary
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Exhibit 99.1
February 27, 1998
FOR IMMEDIATE RELEASE
First Financial Prepares For Year 2000
HAMILTON, OH -- A considerable amount has been written about readiness for
Year 2000. As a result, First Financial Bancorp, as well as many other
companies, has received inquiries from customers and investors. First
Financial Bancorp wishes to inform its customers and investors that it began
its plans to meet the challenge in 1996. "Every day, we are applying the
necessary human resources and funding to assure that the Bancorp will move
confidently into the new millennium," said Stanley N. Pontius, president and
chief executive officer of the corporation.
"Like other companies, we are incurring considerable expense as we make
preparations for Year 2000," said Pontius. "Our earnings report at the end
of 1997 showed that approximately $700,000 was devoted to the Year 2000
issue. We estimate an additional $3.5 million during 1998 and 1999, of which
about $1.2 million will be capitalized.
"This is certainly no small task. We continue to inventory and assess
hardware and software programs; we've contacted a long list of vendors that
interact with our banks; and we've hired extra personnel and consultants to
guide us through this effort."
During late 1996 and throughout 1997, each of First Financial's 15 affiliates
completed the first phase of preparation for Year 2000. Plans were
formalized to address information technology systems (including
computers and peripherals) and other systems like elevators, security
systems, telephones, etc. The process of repairing or replacing
non-compliant hardware and software is currently well underway. Throughout
1999, First Financial plans to carry out the final phase of its plan-
- -validation testing of all systems.
As this long-term project moves along, First Financial is following the
regulations and guidelines which regulatory agencies and authorities have
issued for financial institutions to use in measuring their progress.
First Financial Bancorp's common stock (symbol FFBC) closed at $53.125 per
share on the NASDAQ National Market System on Thursday, February 26, 1998.
A $2.6 billion bank and savings and loan holding company with over 4,000
shareholders, First Financial Bancorp currently operates 5 Ohio, 1 Michigan,
and 9 Indiana affiliates with 105 banking office locations.
The Ohio-based affiliates are First National Bank of Southwestern Ohio with
30 offices in Butler, Hamilton, Preble, and Warren counties; Community First
Bank & Trust with 21 locations in Allen, Auglaize, Mercer, Paulding, Van Wert
and Williams counties; Home Federal Bank, A Federal Savings Bank, with 6
offices in Ohio's Hamilton and Butler counties and 2 offices in Indiana's
Fayette and Franklin counties; The Clyde Savings Bank Company with 2 offices
in Sandusky County; and First Finance Company with 2 offices in Butler County.
The Indiana affiliates are Farmers State Bank with 5 offices in Union and
Rush counties; Vevay Deposit Bank with 4 offices in Switzerland County; Union
Trust Bank with 3 facilities in Randolph County; Indiana Lawrence Bank with 8
offices in Wabash and Fulton counties; Fidelity Federal Savings Bank with 3
offices in Grant County; Citizens First State Bank with 6 offices in
Blackford, Jay, and Delaware counties; Union Bank & Trust Company with 2
Jennings County locations; Peoples Bank and Trust Company with 2 offices in
Ripley and Dearborn; and Bright National Bank with 7 offices in Carroll,
Tippecanoe, and Clinton counties.
In Michigan, First Financial's affiliate is National Bank of Hastings with 2
offices in Barry and Allegan counties.
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