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FIRST FINANCIAL SIGNS DEFINITIVE AGREEMENT FOR ACQUISITION OF UNITED FEDERAL BANK

 FIRST FINANCIAL SIGNS DEFINITIVE AGREEMENT
 FOR ACQUISITION OF UNITED FEDERAL BANK
 PITTSBURGH, Sept. 14 /PRNewswire/ -- First Financial Bank, F.S.B., and Westinghouse Financial Services, Inc., today announced that a definitive agreement has been signed for First Financial to purchase Westinghouse's Illinois-based thrift, Westinghouse Federal Bank, F.S.B., which does business as United Federal Bank, for a cash price of $53.2 million.
 The transaction is subject to regulatory approvals. In connection with the transaction, First Financial Corporation intends to issue subordinated debt securities of at least $40 million in a public offering which is expected to be completed by early November. Up to $15 million of common stock may also be sold in the public offering. It is anticipated the transaction will close by the end of 1992.
 United Federal Bank, headquartered in Galesburg, has 19 offices in Illinois, assets of $890 million, deposits of $675 million and stockholders' equity of $49.5 million.
 "We look forward to expanding our franchise in Central Illinois," said John C. Seramur, president and chief executive officer of First Financial. "With this acquisition, we will have grown our Illinois operations to 45 offices with more than $1.5 billion in deposits since entering the market in 1990," Seramur said.
 "The execution of the United Federal Bank agreement is further evidence of the viability of our downsizing strategy," said Robert A. Watson, president and chief executive officer of Westinghouse Financial Services.
 First Financial Bank is the major subsidiary of First Financial Corporation (NASDAQ: FFHC). Through its subsidiaries, First Financial currently operates 94 banking offices in Wisconsin and Illinois. At June 30, 1992, First Financial reported total assets of $3.6 billion, deposits of $3.3 billion and stockholders' equity of $179.9 million.
 Westinghouse Financial Services is a subsidiary of Westinghouse Electric Corporation (NYSE: WX).
 -0- 9/14/92
 /CONTACT: Brad Hemstreet of Westinghouse Financial Services, 412-393-3232, or Ken Csinicsek of First Financial Corporation, 715-345-4602/
 (FFHC WX) CO: First Financial Bank, F.S.B.; Westinghouse Financial Services, Inc. ST: Pennsylvania, Illinois IN: FIN SU: TNM


CD -- PG013 -- 9378 09/14/92 19:00 EDT
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Publication:PR Newswire
Date:Sep 14, 1992
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