First Financial Bancorp. (NasdaqGS:FFBC) entered into a Stock Purchase Agreement to acquire Summit Funding Group, Inc. for approximately $120 million on December 6, 2021. First Financial Bancorp. (NasdaqGS:FFBC) will issue 404,694 shares of Company common stock (the “Company Stock”) and make a cash payment equal to $111.5 million. In addition, pursuant to the Purchase Agreement, the Bank agreed to pay certain “earn-out” payments annually for each of the five years following the closing of the Acquisition. The earn-out consideration is payable in cash in an amount equal to 2.5% of principal value of the actual originations of equipment leases and similar financing products offered by Summit in excess of the Base Level of Originations in the applicable year. Upon completion of the transaction, Summit will continue to operate under the name Summit Funding Group as a subsidiary of First Financial Bancorp. The closing of the Acquisition is subject to customary conditions, including the absence of any governmental order that restrains, prevents or materially alters the transactions contemplated by the Purchase Agreement, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the accuracy of parties' representations and warranties contained in the Purchase Agreement, parties' material compliance with the covenants and agreements in the Purchase Agreement, the absence of a material adverse effect on Summit or the Bank, and entering into a registration rights agreement. The Company expects the Acquisition to close in the fourth quarter of 2021. The transaction is expected to be mid-single-digit accretive to First Financial's earnings per share in the first-year post-integration (2023) and low-double-digit accretive on a run-rate basis thereafter. James J. Barresi of Squire Patton Boggs (US) LLP acted as legal advisor to First Financial Bancorp. David Zimmerman of Taft Stettinius & Hollister LLP acted as legal advisor to Summit Funding Group, Inc. Lazard acted as financial advisor to First Financial Bancorp. Jim Chester, Mike Jones, Daniel Larrea, Matt Stemper of Keefe, Bruyette & Woods, KBW LLC acted as financial advisor to Summit Funding Group, Inc.

First Financial Bancorp. (NasdaqGS:FFBC) completed the acquisition of Summit Funding Group, Inc. on December 31, 2021.Current Summit leadership and all associates will continue in their positions, led by Founder and Chief Executive Officer Rick Ross.