Based on all the facts of record, including FFBT's supervisory record, managerial and operational resources, and plans for operating the combined institution after consummation, the Board has concluded that considerations relating to the financial and managerial resources and future prospects of FFBT, as well as the records of effectiveness of FFBT and Chrisman in combatting money-laundering activities, are consistent with approval.
The Board has considered all the facts of record, including reports of examination of the CRA performance of FFBT and Chrisman, information provided by FFBT, and confidential supervisory information.
FFBT received an overall rating of "satisfactory" at its most recent CRA performance examination by the Federal Reserve Bank of Chicago ("Reserve Bank"), in February 2012 ("FFBT Evaluation").
Examiners noted that FFBT made qualified community development investments that were used for a variety of purposes, including economic development and affordable housing.
FFBT represents that the proposed transaction would provide Chrisman's customers with access to a broader network of branches and ATMs, enhanced products and services, and expanded financial resources and lending capacity.
Based on the Board's assessment of the CRA and consumer compliance records of FFBT and Chrisman, its review of examination reports, and its consultations with other agencies, the Board concludes that the convenience and needs factor, including the CRA records of the insured depository institutions involved in this transaction, is consistent with approval of the application.
After consummation of the proposed transaction, FFBT would have approximately $1.
FFBT has applied under section 9 of the FRA to establish a branch at the current location of Chrisman, (31) and the Board has considered the factors it is required to consider when reviewing an application under that section.
Approval of the applications is specifically conditioned on compliance by FFBT with all the commitments made in connection with this proposal and the conditions set forth in this order.
1) FFBT is a subsidiary of First Farmers Financial Corporation, a financial holding company, also of Converse, Indiana.
6) Asset data are as of September 30, 2014, updated to include the assets acquired by FFBT through the purchase of nine branches from BMO Harris Bank National Association, Chicago, Illinois, on November 14, 2014.