1ST INDEPENDENCE FINANCIAL GROUP, INC

1ST INDEPENDENCE FINANCIAL GROUP, INC

Previous company name
Harrodsburg First Financial Bancorp, Inc.
Name change date

Company Overview
1st Independence Financial Group Inc. operates as the holding company for 1st Independence Bank (the Bank), that provides commercial and retail banking products and services to the individual and corporate customers. It was formerly known as Harrodsburg First Financial Bancorp Inc. The company has its registered office located in Harrodsburg, Kentucky. It was founded in 1995. The company is listed on the NASDAQ National Market under the ticker symbol FIFG.
1st Independence Bank offers various deposits products, including certificates of deposit, checking accounts, money-market accounts, and savings accounts. The Bank’s loan portfolio comprises commercial real estate loans, one-to-four family residential mortgage loans, home equity loans and lines of credit, commercial loans, construction and land development loans, and consumer loans. As of December of 2006, it operated a network of eight banking offices located in Lawrenceburg and Louisville in Kentucky; and New Albany, Jeffersonville, Marengo, and Clarksville in Indiana.
Business Summary
Bank Holding & Holding Company
Description and history
OVERVIEW

The Company provides commercial and retail banking services, with an emphasis on commercial real estate loans, one-to-four family residential mortgage loans via First Independence Mortgage, home equity loans and lines of credit and consumer loans as well as certificates of deposit, checking accounts, money-market accounts and savings accounts within its market area.

HISTORY

The Company was organized as a Delaware corporation in June 1995 and is a bank holding company based in Louisville, Kentucky which owns First Independence Bank, Inc.

During 2004, the Company merged with Independence Bancorp, New Albany, Indiana. The Bank currently serves its customers through a network of eight branch offices located in Harrodsburg, Lawrenceburg and Louisville (Stony Brook main office branch and St. Matthews branch office), Kentucky and New Albany, Jeffersonville, Marengo and Clarksville, Indiana.

On November 1, 2004, the Bank formed a title insurance company, Foundation Title Company, LLC, located in Jeffersonville, Indiana. The Company decided to exit the title insurance business at the end of November 2005 and sold the title insurance company at its
carrying value.

In January 2005, the Company completed the sale of its entire interest in its majority owned subsidiary, Citizens Financial Bank, Inc., Glasgow, Kentucky (‘Citizens’) to another financial institution for $2.3 million.

On February 27, 2008, the Company announced that it had entered into an Agreement and Plan of Merger (the ‘Merger Agreement’) with MainSource Financial Group, Inc. (‘MainSource’). The Merger Agreement provides that the Company’s stockholders would receive $5.475 in cash and 0.881036 shares of MainSource common stock for each share of the Company’s stock owned. Based on MainSource’s February 26, 2008 closing price of $14.60 per share, the transaction values the Company at $18.34 per share or $37.0 million in the aggregate, including the cashout value of the Company’s in-the-money stock options. The merger is currently expected to close in the third quarter of 2008, and is subject to the approval of the Company’s stockholders, receipt of certain regulatory approvals, and certain other customary conditions.

On August 28, 2008, 1st Independence Financial Group, Inc. issued a press release announcing the targeted closing date for its proposed merger with MainSource Financial Group, Inc. and certain adjustments to the merger consideration.

Formerly known as Harrodsburg First Financial Bancorp Inc

Business Line
Operates as the holding company for 1st Independence Bank (the Bank), that provides commercial and retail banking products and services
Subsidiary

Advisor

IPO date
10/4/1995
US SIC Code
6712
Company Address
South Chiles Street, 104

City province or state postal code
40330-1620, HARRODSBURG, KY
Phone:
Fax:
Country address: UNITED STATES OF AMERICA
Website url: