First Financial Bank Expands Reach with Acquisition of Summit Funding Group

First Financial Bank has made a significant move in the financial industry by acquiring Summit Funding Group, expanding its reach and services to a wider customer base.

This acquisition marks a major milestone for First Financial Bank, with plans to integrate Summit Funding Group's expertise and resources into its existing operations.

The acquisition is expected to enhance First Financial Bank's ability to provide a broader range of financial solutions to its customers, including mortgage lending and other financial services.

By leveraging Summit Funding Group's expertise, First Financial Bank aims to improve its overall customer experience and increase its market share in the financial services industry.

First Financial Bank has acquired Summit Funding Group, a Cincinnati-based equipment financing firm.

Summit Funding Group is the fourth largest independent equipment financing platform in the country.

The acquisition was completed in January 2022.

First Financial Bancorp, the parent company of First Financial Bank, has more than $14 billion in assets.

The bank operates 158 branches across Ohio, Indiana, and Kentucky.

Summit Funding Group will continue to operate under its current name and leadership, with Rick Ross as its founder and CEO.

As a subsidiary of First Financial Bank, Summit will have access to additional resources and funding opportunities.

First Financial Bancorp is buying Summit Financial, a national equipment lender, for $121 million in cash and stock. This is the company's third acquisition in recent years.

The deal is consistent with First Financial's strategy of acquiring specialty lenders with national platforms. They're looking to navigate the changing banking environment by having niche businesses with unique capabilities.

The acquisition includes Summit's brand identity and will operate as a First Financial subsidiary. CEO Rick Ross and his entire management team will join First Financial, just like the teams from previous acquisitions Oak Street and Bannockburn.

Summit has funded over $4 billion in equipment leasing and finance deals since its founding in 1993. They're projected to originate another $400 million in 2022.

First Financial has agreed to pay $111 million in cash and $10 million in stock for Summit. This is a mostly cash transaction, which is a bit longer than desired for the tangible book value earn-back period.

First Financial Bank has completed its acquisition of Summit Funding Group, a significant milestone in the company's growth strategy.

The acquisition was announced on January 3, 2022, and was previously disclosed to the public.

First Financial Bancorp is the parent company of First Financial Bank, and it's listed on the Nasdaq stock exchange under the ticker symbol FFBC.

The acquisition marks a major expansion of First Financial Bank's presence in the market.