Terre Haute, Ind.-based First Financial Corporation is acquiring Lebanon, Tenn.-based CedarStone Financial for $25 million..The deal is expected to close in the first quarter of next year. The combined company will have $6.1 billion in assets. CedarStone Financial is the parent company of CedarStone Bank. The $358 million CedarStone has three branches in Lebanon, Mount Juliet and Nashville. First Financial Corporation, the holding company of First Financial Bank, has $5.7 billion in assets and 79 branches in Georgia, Illinois, Indiana, Kentucky and Tennessee. “This acquisition is exciting for our company,” said FirstFinancial President and CEO Norman Lowery. “CedarStone provides us with an opportunity to further expand our franchise in the attractive Nashville market.”CedarStone President and CEO Bob McDonald said the merger offers benefits for customers and stakeholders. “We are excited about the stability and additional growth opportunities that our agreement with First Financial will provide,” he said.Raymond James & Associates and Chicago-based Amundsen Davis advised First Financial, while Forvis Mazars Capital Advisors and Baker Donelson served as advisors to CedarStone. Hovde Group issued an independent fairness opinion to CedarStone.
