First Financial To Acquire Westfield Bancorp In $325 Mln Cash-and-Stock Deal

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(RTTNews) - First Financial Bancorp (FFBC) has entered into a definitive agreement to acquire Westfield Bancorp from Ohio Farmers Insurance Company in a cash-and-stock transaction valued at $325 million.

The deal will expand First Financial's footprint in Northeast Ohio by integrating Westfield Bank's retail banking locations and commercial, private banking, and insurance agency services.

The acquisition strengthens First Financial's commercial and specialty banking offerings while providing Westfield Bank customers with expanded credit access and its employees with new growth opportunities. As part of the deal, First Financial will contribute $500,000 to its Foundation to support community initiatives in Westfield Bank's service areas.

Archie Brown, President and CEO of First Financial, said the acquisition aligns with the company's growth strategy and enhances its ability to serve more clients across key Midwestern markets. He emphasized the cultural compatibility and shared commitment to community between the two organizations.

The transaction follows First Financial's recent expansions in Chicago, Cleveland, and Grand Rapids, building on its core presence in Cincinnati, Dayton, Indianapolis, Louisville, and Columbus.

Ohio Farmers CEO Ed Largent said the sale aligns with Westfield's renewed focus on property and casualty insurance, including its Westfield Specialty operations. Westfield Bank CEO Mike Toth added that the acquisition marks a new chapter of growth and opportunity for customers and staff.

Under the terms, First Financial will acquire 100% of Westfield Bancorp's stock for $260 million in cash and approximately 2.75 million First Financial shares (valued around $65 million based on a 10-day VWAP as of June 20, 2025). The transaction is expected to be 12% accretive to earnings with a tangible book value earn-back in about 2.9 years. It is set to close in Q4 2025, pending regulatory approvals. Approval from Westfield Bancorp's sole shareholder has already been secured.

Monday, FFBC closed at $23.74, up 2.55%, and is trading flat after hours on the NasdaqGS.