UPDATE-First Financial buys 17 banking centers for $12 mln

* To buy banking centers from Peoples Community Bancorp

* Sees deal to add $0.06/shr in 2010 earnings

* Move to expand presence in Cincinnati area

May 18 (Reuters) - First Financial Bancorp (FFBC.O) said its First Financial Bank unit agreed to buy 17 banking centers of Peoples Community Bancorp Inc PCBI.O for about $12 million, mainly to expand its presence in Cincinnati region.

First Financial Bank said it will assume about $310 million in deposits and acquire about $260 million of select performing business and consumer loans.

The deal, which is scheduled to close in the third quarter, is expected to add about 6 cents per share on a cash basis in the first full year, 2010, the company said.

"Following the closing of the proposed transaction, Peoples Community Bank will continue to operate two banking centers in Lebanon, Ohio and will retain approximately $325 million in assets," First Financial said in a statement.

In April, Peoples Community received a going concern qualification from an independent accounting firm due to the savings and loan holding company's lack of liquidity to pay its lenders.

First Financial expects to offer positions to Peoples Community Bank associates of the banking centers being acquired, it said.

First Financial shares closed at $9.60 while those of Peoples Community closed at 35 cents Friday on Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Gopakumar Warrier)