FFBC - First financial acquires Summit Funding Group

First Financial Bancorp (NASDAQ:FFBC) acquires Cincinnati-based Summit Funding Group, the fourth largest independent equipment financing platform in the United States. Upon completion of the transaction, Summit will become a subsidiary of First Financial Bank (FFIN), with current Summit leadership and all associates continuing in their positions, led by Founder and CEO Rick Ross. The closing of the transaction is expected to occur in the 4Q21. The transaction is expected to be mid-single-digit accretive to first financial's earnings per share in the first-year post-integration (2023), and low-double-digit accretive on a run-rate basis thereafter.

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First financial acquires Summit Funding Group