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First Capital, parent company of First Harrison Bank, has agreed to acquire First Bancorp of Indiana in an all-stock transaction valued at $33.2 million. The deal would bring First Federal Savings Bank, First Bancorp’s banking subsidiary, into First Harrison Bank.
First Bancorp operates 10 offices in southern Indiana and western Kentucky. As of Sept. 30, the company reported $583 million in total assets, $444 million in gross loans, $473 million in deposits and $33 million in total equity.
Under the agreement, First Bancorp shareholders will receive 0.3075 shares of First Capital stock for each share they own. First Federal Savings Bank will merge with and into First Harrison Bank after the transaction.
The companies expect to complete the deal in the first half of 2027. Closing is subject to customary conditions, including regulatory approvals and approval from First Bancorp shareholders.
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