MergerNov 5, 2026, 08:36 AM

First Capital to Acquire First Bancorp for $33.2 Million

AI Summary

First Capital, Inc. announced it has entered into a definitive merger agreement to acquire First Bancorp of Indiana, Inc. in an all-stock transaction valued at approximately $33.2 million. The merger will combine First Capital's First Harrison Bank with First Bancorp's First Federal Savings Bank, expanding First Capital's presence in Southern Indiana and Western Kentucky. First Capital will assume First Bancorp's outstanding indebtedness, including subordinated notes and junior subordinated debentures. The transaction is expected to close in the first half of 2027, pending regulatory and shareholder approvals.

Key Highlights

First Capital, Inc. to acquire First Bancorp of Indiana, Inc. in an all-stock transaction valued at approximately $33.2 million.
The merger involves an exchange ratio of 0.3075 shares of First Capital common stock for each First Bancorp common share.
First Capital will assume First Bancorp's outstanding indebtedness, including $12.0 million in subordinated notes and $5.0 million in junior subordinated debentures.
First Bancorp had approximately $583 million in total assets, $444 million in gross loans, and $473 million in deposits as of September 30, 2026.
First Capital had total assets of $1.3 billion, gross loans of $686 million, and total deposits of $1.1 billion as of September 30, 2026.
The transaction is expected to be completed in the first half of 2027, subject to regulatory and shareholder approvals.
The merger is expected to result in approximately 32.7% EPS accretion and a tangible book value per share dilution of 6.9%.

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FCAP

Savings Institutions

FIRST CAPITAL INC

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