UNITED STATES
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) August 25, 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
Page 1 of 6
ITEM 5: OTHER EVENTS
On August 25, 1998, the Registrant announced two stock repurchase programs.
Teh first plan extends the Regitrant's existing stock repurchase program which
is used exclusively for Bancorp's Stock Incentive Plan. The second repurchase
progran authorizes the repurchase of up to 5 percent of Bancorp's outstanding
common stock. A copy of the press release is attached as Exhibit 99.1.
Page 2 of 6
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibit:
Exhibit 99.1 - Press release dated August 25, 1998 regarding the
announcement of stock repurchase programs.
Page 3 of 6
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 August 31, 1998 /s/ Michael R. O'Dell
Michael R. O'Dell
Senior Vice President, Chief
Financial Officer and Secretary
Page 4 of 6
Exhibit 99.1
August 25, 1998
FOR IMMEDIATE RELEASE:
First Financial Announces Cash Dividend
And Stock Repurchase Plans
HAMILTON, OH -- Following today's meeting of the board of directors of First
Financial Bancorp, Barry J. Levey, chairman of the board, and Stanley N.
Pontius, president and chief executive officer, announced that the board has
declared a regular quarterly cash dividend of 15 cents per share or a total
of $4,966,029.15 on 33,106,311 outstanding shares. The dividend is payable on
October 1, 1998, to shareholders of record as of September 4, 1998.
At their meeting, the board of directors also raised the threshold of shares
that can be repurchased under the corporation's existing stock repurchase
program which is used exclusively for Bancorp's stock incentive plan. Effective
immediately, an additional 478,000 shares of First Financial's common stock
are authorized for repurchase under this program.
In addition, Levey and Pontius announced that First Financial's board voted to
form a second stock repurchase plan to be used for general corporate purposes.
This new plan authorizes the repurchase of up top 5 percent of Bancorp's
outstanding shares of common stock.
First Financial Bancorp's common stock (symbol FFBC) closed at $27.46875 per
share on the NASDAQ National Market System on Monday, August 24, 1998.
A $2.7 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 107 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
Page 5 of 6
Bank & Trust with 22 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 3
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.
Page 6 of 6