Press release
First Financial Corporation and CedarStone Financial, Inc. Sign Merger Agreement
TERRE HAUTE, Ind. and LEBANON, Tenn., Nov. 06, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ: THFF) (“First Financial”) and CedarStone
About this update from First Financial Corporation
[{"type":"text","content":"TERRE HAUTE, Ind. and LEBANON, Tenn., Nov. 06, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ: THFF) (“First Financial”) and CedarStone Financial, Inc. (“CedarStone”) jointly announced today the execution of a definitive agreement under which First Financial will acquire CedarStone. First Financial will pay $19.12 per share in cash for each share of CedarStone’s common stock outstanding. The aggregate value of the transaction is $25.0 million. Upon completion of the merger, CedarStone Bank, a wholly owned subsidiary of CedarStone will merge into First Financial Bank, N.A. (“First Financial Bank”), a wholly owned subsidiary of First Financial. CedarStone, headquartered in Lebanon, Tennessee, has approximately $358 million in assets and operates 3 bank branches in Tennessee. Through its branch network, CedarStone services the communities of Lebanon, Mount Juliet and Nashville. First Financial, headquartered in Terre Haute, Indiana, has assets of approximately $5.7 billion and operates 79 banking centers in Georgia, Illinois, Indiana, Kentucky and Tennessee through First Financial Bank. If the proposed merger is completed as expected, it is anticipated that First Financial will have total combined consolidated assets of approximately $6.1 billion. “This acquisition is exciting for our company. CedarStone provides us with an opportunity to further expand our franchise in the attractive Nashville market. We look forward to continuing CedarStone’s commitment to creating meaningful customer relationships and serving the community,” commented Norman D. Lowery, President and CEO of First Financial. Bob McDonald, President and CEO of CedarStone, added, “We are pleased for our stakeholders, but are also delighted that our customers will continue to enjoy a great relationship working with a strong community-focused financial organization. We are excited about the stability and additional growth opportunities that our agreement with First Financial will provide.” The transaction is expected to close in the first quarter of 2026 and is subject to customary closing conditions, including, but not limited to, receipt of regulatory and CedarStone stockholder approvals. First Financial was advised by the investment banking firm of Raymond James & Associates, Inc. and the law firm of Amundsen Davis, LLC. CedarStone was advised by the ...