First Financial is set to acquire Westfield Bancorp in a deal valued at $325 million, marking another step in its growth across the Midwest. The deal, which will combine cash and stock, brings Westfield’s retail banking branches and its insurance and private banking services into First Financial’s expanding network.
Ohio Farmers Insurance Company, the parent of Westfield Bancorp, will sell all its shares to First Financial. The purchase price breaks down into $260 million in cash and roughly 2.75 million shares of First Financial stock, which is valued at about $65 million based on recent stock prices. The deal is expected to boost First Financial’s earnings by 12%, with the investment paying off in just under three years.
This move adds to First Financial’s reach in Northeast Ohio, adding more retail locations and commercial services. It also strengthens the bank’s ability to offer more credit and opportunities to Westfield’s clients and team members. First Financial has been steadily growing lately, expanding into cities like Chicago, Cleveland, and Grand Rapids, while maintaining a strong presence in places like Cincinnati and Columbus.
The deal is on track to close by the end of 2025, once regulatory approvals and customary conditions are met. First Financial shareholders won’t need to vote on this transaction, but approval from Ohio Farmers, Westfield Bancorp’s sole shareholder, is already in place.
Advisors on the deal include Janney Montgomery Scott for First Financial and Keefe, Bruyette & Woods for Ohio Farmers, while legal counsel came from Amundsen Davis for First Financial and Squire Patton Boggs for Ohio Farmers and Westfield Bancorp. This acquisition further pushes First Financial’s goal to build a stronger presence in the region and offer more to its customers and employees.