First Financial Bank, N.A. Acquires the Banking Operations of Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B.

CINCINNATI – Transaction includes 27 banking centers including 12 in Indiana.

• Expands First Financial Bank’s presence in Indiana to 49 banking centers

• Provides safety and stability for Irwin banking clients and depositors

First Financial Bancorp (NASDAQ:FFBC) announced tonight that its wholly owned subsidiary, First Financial Bank, N.A., has purchased the banking operations of Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. (collectively, Irwin), subsidiaries of Irwin Financial Corporation (NYSE: IFC) , through agreements with the Federal Deposit Insurance Corporation (FDIC). The Indiana Department of Financial Institutions and the Office of Thrift Supervision declared Irwin closed today and appointed the FDIC as receiver.

"We are pleased to welcome the clients of Irwin to First Financial and want to assure them that their deposits are safe, secure, and readily accessible. Since all deposits are being assumed by First Financial Bank, there will be no losses to any depositor," said Claude Davis, president and chief executive officer of First Financial Bancorp. "Clients will recognize familiar banking center associates from Irwin who will continue to take care of their banking needs."

Over the weekend, Irwin clients will be able to bank as usual at any Irwin banking center that traditionally has Saturday hours as well as to get answers to questions they may have about their accounts.

"The purchase of these banking centers expands First Financial’s multi-state presence that now includes 49 locations in Indiana. We’re excited to extend our products, services, and brand of banking to a larger client base," Davis said. "First Financial has been recognized for its stability and its focus on asset quality, liquidity and strong capitalization.(1) Our strong financial position has enabled us to complete this strategic purchase, and we’re confident that we can successfully integrate these banking centers with our existing operations."

Irwin clients who have questions about the transaction should call the FDIC at 800-528-4893. First Financial Bank can be reached at 888-907-3477. Additional information about First Financial is available at www.bankatfirst.com/investor.

In total, First Financial has acquired 27 banking centers located in nine states. The transaction also includes approximately $3.2 billion in assets and approximately $2.5 billion in deposits. The deposits are being assumed at a premium of less than 1%. The loan portfolios were purchased under modified offerings by the FDIC whereby all non-performing assets, other real estate owned; acquisition, development and construction loans; and residential and commercial land loans were excluded from the purchased portfolio. All performing loans were purchased at a discount of approximately 25% and are covered by FDIC loss share agreements with a loss share threshold of an aggregate $636 million. Approximately $2.5 billion in assets are covered under these loss share agreements. Generally, losses up to $636 million are covered by the FDIC at 80% and losses beyond the threshold are covered by the FDIC at 95%. Additional information about the financial aspects of this transaction will be released on Monday, September 21, 2009, prior to market opening. First Financial Bancorp plans to file a Form 8-K with the Securities and Exchange Commission that will provide additional information regarding this transaction with the FDIC.

(1) First Financial has received "Excellent" ratings from both Bauer Financial (www.bauerfinancial.com) and IDC Financial Publishing (www.idcfp.com). Bauer Financial and IDC Financial Publishing are independent organizations that analyze and report on the financial condition of the U.S. banking industry.