First Financial Agrees To Acquire Westfield Bancorp, In Cash And Stock Transaction Valued At $325M, From Ohio Farmers Insurance

Benzinga Newsdesk Jun 23, 2025 1 year ago

News

First Financial Bancorp ("First Financial") has agreed to acquire Westfield Bancorp, which has $2.2 billion in assets, the holding company of Westfield Bank, FSB. This expands First Financial's ability to serve the

First Financial Bancorp ("First Financial") has agreed to acquire Westfield Bancorp, which has $2.2 billion in assets, the holding company of Westfield Bank, FSB. This expands First Financial's ability to serve the geographically attractive communities of Northeast Ohio.
The acquisition will grow First Financial to a $20.6 billion Midwest-based institution, with a broad suite of capabilities for retail and business clients and a focus on community.
All Westfield Bank retail locations will remain open and will be rebranded as First Financial Bank locations after closing of the transaction.

CINCINNATI, June 23, 2025 /PRNewswire/ -- First Financial (NASDAQ:FFBC) announced today that it has entered into a definitive agreement to acquire Westfield Bancorp, in a cash and stock transaction, from Ohio Farmers Insurance Company ("Ohio Farmers"). Ohio Farmers is the parent company of the global property and casualty (P&C) insurance group conducting business as Westfield.

Transaction Terms

Under the terms of the agreement, First Financial will purchase 100% of the stock of Westfield Bancorp, from its sole shareholder, Ohio Farmers. The transaction is valued at $325 million, which will be paid 80% in cash and 20% in stock of First Financial. Specifically, the transaction consideration will include $260 million in cash and approximately 2.75 million shares of First Financial stock, which equates to approximately $65 million based on the 10-day volume weighted average price ("VWAP") of First Financial's stock as of June 20, 2025. The transaction is expected to be 12% accretive to First Financial's earnings with a tangible book value earn-back of approximately 2.9 years.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and satisfaction of customary closing conditions. No First Financial shareholder approval is required. Approval of Westfield Bancorp's sole shareholder, Ohio Farmers, has been received.