Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report: October 3, 2008
FIRST
FINANCIAL BANCORP.
(Exact
name of registrant as specified in its charter)
|
Ohio
(State
or other jurisdiction
of
incorporation)
|
0-12379
(Commission
File Number)
|
31-1042001
(IRS
Employer
Identification
No.)
|
|
4000
Smith Road, Suite 400
Cincinnati,
Ohio
(Address
of principal executive offices)
|
|
45209
(Zip
Code)
|
Registrant’s
telephone number, including area code: (513) 979-5782
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e)
Change
to Short-Term Incentive Plan
On
October 3, 2008, the Board of Directors (“Board”) of First Financial Bancorp
(the “Company”), utilizing its discretion under the Company’s existing
Short-Term Incentive Plan (the “Plan”), determined it was prudent to review the
Plan’s existing parameters. The performance measures for 2008 are primarily
focused on return on equity (“ROE”). The Board and senior management determined
that other factors, while always important, may take on an even greater
relevance in an operating environment with extreme, volatile market behavior.
These other factors include return on equity, credit quality, liquidity
management, capital management and other factors the Board deems critical to
the
long-term performance of the Company. In these volatile times, prudent balance
sheet management may or may not have a material impact on the current year’s
ROE. As a result the Board intends to assess these other important factors
at
year end, along with ROE in determining the 2008 bonus payout.
It
is not
the intent of the Board or senior management to reduce or increase the payout
of
the original ROE bonus model. The consideration of other factors, however,
may
influence the payout to some degree.
| Form 8-K |
First
Financial
Bancorp.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
|
|
| |
FIRST
FINANCIAL BANCORP. |
|
|
|
| Date: October
20, 2008 |
By: |
/s/
J.
Franklin Hall |
| |
J.
Franklin Hall |
| |
Executive
Vice President and
Chief
Financial Officer
|