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: September 20, 2006
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
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| Ohio
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0-12379
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31-1042001 |
(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.) |
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300 High Street
Hamilton, Ohio
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45011 |
(Address of principal
executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code: (513) 867-5447
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Form 8-K
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First Financial Bancorp. |
Item 2.02 Results of Operations and Financial Condition.
First Financial Bank, N.A., a wholly-owned subsidiary of First Financial Bancorp., completed the
final phase of its previously announced sale of 193 problem credits as part of its strategy to
reduce overall credit risk in the loan portfolio. The sale involved $38.1 million in primarily
substandard commercial, commercial real estate, and retail real estate loans that were transferred
to loans held for sale at the lower of cost or estimated fair value of $28.3 million. The loans
were purchased by five independent parties for a combined price of $31.2 million.
The pre-tax gain for all previously announced loan sale transactions was approximately $2.0 million
or $0.03 per share after-tax.
The Loan Portfolio Sales Group of Keefe, Bruyette and Woods, Inc. assisted First Financial in the
loan sales.