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First Financial/HopFed Bancorp merger has $5.1M termination fee

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First Financial/HopFed Bancorp merger has $5.1M termination fee

HopFed Bancorp Inc. will pay a termination fee of $5.1 million to First Financial Corp. if their pending merger gets terminated under certain circumstances.

Terre Haute, Ind.-based First Financial agreed to acquire Hopkinsville, Ky.-based HopFed in a cash-and-stock deal valued at $128.3 million.

Upon closing, HopFed President and CEO John Peck will become market president, according to a regulatory filing.

The deal is expected to be accretive to First Financial's earnings by more than 13% in 2020. The tangible book value dilution earnback is approximately 3.8 years, and the internal rate of return is expected to be more than 20%.

Meanwhile, First Financial expects transaction costs of $9.2 million and cost savings of 30%.