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1St Independence Financial Group, Inc. (946738) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2008

1St Independence Financial Group, Inc.

CIK: 946738
[LOGO OMITTED]
 
 
EXHIBIT 99.1                                              
News Release

 
 
Contact:
 
N. William White
     
President and Chief
     
Executive Officer
     
(502) 753-0500

1st Independence Financial Group, Inc. Announces Second Quarter Results

LOUISVILLE, KENTUCKY (July 30, 2008) - 1st Independence Financial Group, Inc. (“1st Independence”)  (NASDAQ:FIFG), the holding company of 1st Independence Bank, Inc. (“1st Bank”), today reported a second quarter unaudited 2008 net loss of ($1.5) million, or ($0.76) per diluted share, compared with a net loss of ($0.1) million, or ($0.05) per diluted share, in the first quarter of 2008 and net income of $0.1 million, or $0.06 per diluted share, for the same period in 2007.  The net loss for the second quarter was primarily attributable to a total loan loss provision expense of $2.4 million before taxes in the second quarter of 2008 and the payment of $325,000 before taxes made in connection with the settlement of a lease dispute as previously disclosed by 1st Independence in its Form 8-K filed on June 9, 2008.  The loan loss provision expense resulted from both increases in allocations for certain specific loans and an increase in the overall loan loss reserve in response to certain negative trends in 1st Bank’s loan portfolio and the continuing decline of regional and national economic conditions.

As previously disclosed, on February 26, 2008,  1st Independence and 1st Bank entered into an agreement and plan of merger with MainSource Financial Group, Inc. (“MainSource”) (NASDAQ: MSFG) providing for the merger of 1st Independence with and into MainSource.  In the proposed merger, 1st Independence's shareholders will receive, subject to adjustment as described below, $5.475 in cash and 0.881036 shares of MainSource common stock for each share of 1st Independence's stock owned.  The aggregate cash payable in the merger will be adjusted at closing, on a dollar-for-dollar basis, to the extent 1st Independence's consolidated tangible shareholders' equity as of the end of the month preceding closing, as adjusted as described in the merger agreement, is less than $26,700,000 or more than $27,200,000.

As of June 30, 2008, 1st Independence's consolidated tangible shareholders' equity was $25,035,000, after deducting $356,000 after taxes of legal and other professional fees relating to the proposed merger with MainSource that 1st Independence recorded through June 30, 2008 as well as the above-referenced loan loss provision expense. 1st Independence will incur additional merger-related and other expenses prior to the consummation of the merger, including but not limited to approximately $335,000 before taxes in fees and expenses currently estimated to be payable to 1st Independence's professional advisors in connection with the merger. 
 
 
 
 

The following information was filed by 1St Independence Financial Group, Inc. on Wednesday, July 30, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 946738
Form Type: 10-Q Quarterly Report
Accession Number: 0000946738-08-000048
Submitted to the SEC: Tue Aug 19 2008 2:32:02 PM EST
Accepted by the SEC: Tue Aug 19 2008
Period: Monday, June 30, 2008
Industry: State Commercial Banks

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