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First Financial Corporation today announced it has applied with the Federal Reserve Board and State Bank Commissioner for permission to acquire Caldwell State Bank and then to merge the bank with its First National Bank in Wellington.
If approved, the merger should take place by the end of March or early April and the bank would begin operating as Impact Bank at the existing two locations: 206 E. Harvey in Wellington and 24 N. Main in Caldwell.
“Impact Bank is a joining of common leaders, shared values and generations of service in the area,” said John T. Stewart III, who is Chairman of the Board of both banks and also CEO of First Financial Corporation.
Stewart added that it is important to recognize that the new bank will be independently and locally owned, as both Wellington and Caldwell banks have been for decades.
“We look at this as a true consolidation of two well-established, well-capitalized, stable banks into one stronger and larger bank,” Stewart said. “This merger will have a positive impact on current customers, the two communities and the region.”
The board of directors for First Financial Corporation has approved the merger and name change. First Financial Corporation holds its annual meeting on Jan. 25, when shareholders will vote on the consolidation.
Caldwell State Bank was chartered in 1928. Wellington’s First National Bank was established in 1879. Since 1984, the bank has been a wholly-owned subsidiary of First Financial Corporation, a financial services holding company also based in Wellington. First Financial Corporation is led by Stewart as CEO and David M. Carr as president.
“Both banks are financially healthy and stable,” Stewart said. “Impact Bank will be firmly rooted in this foundation of stability and strength, able to deliver expanded financial opportunities with the same leadership teams and staff members our customers know and trust.”
First Financial Corporation today announced it has applied with the Federal Reserve Board and State Bank Commissioner for permission to acquire Caldwell State Bank and then to merge the bank with its First National Bank in Wellington.
If approved, the merger should take place by the end of March or early April and the bank would begin operating as Impact Bank at the existing two locations: 206 E. Harvey in Wellington and 24 N. Main in Caldwell.
“Impact Bank is a joining of common leaders, shared values and generations of service in the area,” said John T. Stewart III, who is Chairman of the Board of both banks and also CEO of First Financial Corporation.
Stewart added that it is important to recognize that the new bank will be independently and locally owned, as both Wellington and Caldwell banks have been for decades.
“We look at this as a true consolidation of two well-established, well-capitalized, stable banks into one stronger and larger bank,” Stewart said. “This merger will have a positive impact on current customers, the two communities and the region.”
The board of directors for First Financial Corporation has approved the merger and name change. First Financial Corporation holds its annual meeting on Jan. 25, when shareholders will vote on the consolidation.
Caldwell State Bank was chartered in 1928. Wellington’s First National Bank was established in 1879. Since 1984, the bank has been a wholly-owned subsidiary of First Financial Corporation, a financial services holding company also based in Wellington. First Financial Corporation is led by Stewart as CEO and David M. Carr as president.
“Both banks are financially healthy and stable,” Stewart said. “Impact Bank will be firmly rooted in this foundation of stability and strength, able to deliver expanded financial opportunities with the same leadership teams and staff members our customers know and trust.”
