SOURCE: First Bancorp of Indiana, Inc.

September 18, 2006 16:15 ET

First Bancorp of Indiana, Inc. Receives Regulatory Approval of Acquisition of Home Building Bancorp, Inc.

EVANSVILLE, IN -- (MARKET WIRE) -- September 18, 2006 -- First Bancorp of Indiana, Inc. (NASDAQ: FBEI) announced that it has received approval from the Office of Thrift Supervision for the acquisition of Home Building Bancorp, Inc. and its wholly owned subsidiary, Home Building Savings Bank, FSB. The shareholders of Home Building Bancorp, Inc. overwhelmingly approved the merger of Home Building Bancorp with First Bancorp of Indiana at a meeting held on September 12. The companies anticipate closing the transaction at the end of the month.

Pursuant to the terms of the Agreement and Plan of Merger, shares of Home Building Bancorp were converted into either $43.50 in cash or 2.3016 shares of First Bancorp common stock. Based on a preliminary report of First Bancorp's transfer agent, those Home Building Bancorp stockholders who expressed a preference will receive the form of consideration that they elected, while those who made no election will receive approximately 1.599 shares of First Bancorp common stock plus $13.28 in cash in exchange for their Home Building Bancorp shares.

First Bancorp of Indiana, Inc. is the holding company for First Federal Savings Bank. First Federal Savings Bank currently operates eight offices in the Evansville, Indiana area.

Home Building Bancorp, Inc. is the holding company for Home Building Savings Bank, FSB. Home Building Savings Bank operates two offices in Washington and Petersburg, Indiana.

Contact Information

  • Contact:
    Michael H. Head
    President and CEO
    (812) 492-8100