First Financial Bancorp, a parent company of First Financial Bank, has signed a deal with First Bexley Bank to acquire the business and merge it with First Financial Bank for approximately $44.5m.

As part of the deal, First Bexley shareholders will receive $30.50 per share of First Bexley common stock and $6.10 in cash.

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Established in 2006, First Bexley has total assets worth $295.4m and total deposits of $271.1m at the end of 30 September 2013. It mainly offers services to commercial and consumer clients throughout the state.

First Financial CEO and president Claude Davis said First Bexley has an outstanding reputation for its commitment to client service and its communities while capitalising on growth opportunities and managing its operations efficiently.

"It has been one of the most profitable banks in the state of Ohio with average quarterly return on assets exceeding 1.35% since 2012," Davis added.

"We are excited to have the opportunity to provide First Bexley’s associates with an expanded product set to serve commercial and consumer clients as well as adding wealth management capabilities to further enhance customer relationships."

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Post acquisition, which is subject to approval by First Bexley’s shareholders and other customary closing conditions, First Financial will add one director from First Bexley to its board.

First Bexley president and CEO David Mallett said, "First Bexley clients will benefit from the additional services and capabilities of a larger community bank while continuing to receive the same high level of service delivered by the local team they know and trust."

The deal is expected to be closed in the first half of 2014.