First Financial Corporation accelerates its branch optimization plan

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TERRE HAUTE, Ind., Sept. 30, 2021 (GLOBE NEWSWIRE) – First Financial Corporation (NASDAQ: THFF) (the “Company”) today announced its intention to optimize its branch network as part of a plan to improve operational efficiency and adapt to changing customer preferences.

Subject to regulatory requirements, over the next two quarters, the Company will close and consolidate nine of its 81 branches. These moves are in addition to the consolidation of its Terre Haute Maple Avenue and Plaza North branches into a new efficient and state-of-the-art facility on Lafayette Avenue and Fort Harrison Road, which took place earlier this year, bringing the number total number of branches closed and consolidated by the end of the first quarter of 2022 to ten.

“Our customers are rapidly adopting our online banking platforms, which allows us to consolidate these branches into other nearby locations while maintaining the high level of service our customers have come to expect,” said the President of First Financial, Norman L. Lowery.

These consolidations, which are expected to be completed in the next two quarters, are expected to save the Company approximately $ 2.3 million per year in operating expenses, starting in the first quarter of 2022.

The Company expects to record pre-tax charges of approximately $ 1.5 million in the fourth quarter of 2021 and the first quarter of 2022.

About First Financial Corporation
First Financial Corporation (NASDAQ: THFF) is the holding company of First Financial Bank NA and The Morris Plan Company of Terre Haute, Inc. First Financial Bank NA is the fifth-oldest national bank in the United States, operating 81 banking centers in Illinois, Indiana, Kentucky and Tennessee. The Morris Plan Company of Terre Haute, Inc. is a state industrial chartered financial institution with an office in Terre Haute, Indiana. Further information is available at www.first-online.bank.

Investor contact:
Rodger A. McHargue
Financial director
Phone. : 812-238-6334
E: [email protected]


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