First Financial Shares Jump On Analysts' Upgrades
BOSTON (AP) ¿ Shares of First Financial Bancorp on Tuesday soared for a second day on the regional bank holding company's government-assisted acquisition of banking assets from the shutdown of two Irwin Financial Corp. units.
Analysts hailed the transaction as a shareholder victory, saying it will enable First Financial to expand its footprint at a discount and boost earnings.
The deal was announced after markets closed Friday as the Federal Deposit Insurance Corp. was appointed receiver of a pair of Irwin units, Louisville, Ky.-based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co.
Hamilton, Ohio-based First Financial will buy essentially all the assets of the two banks, which became the 93rd and 94th failures this year of federally insured banks. The FDIC and First Financial reached a loss-share agreement covering about $2.5 billion of the two banks' combined assets.After rising 24 percent on Monday, shares of First Financial surged another 18 percent, or $1.86, to $12.15 in midday trading Tuesday. The stock has traded in a 52-week range of $5.07 to $15.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV