Financial First Set to Acquire Westfield Bancorp in a $325 Million Combination of Cash and Shares
First Financial Banks Up Its Midwest Game with Westfield Bancorp Acquisition
In a move to dominate key Midwestern markets, First Financial Bancorp (FFBC) has inked a deal to snag Westfield Bancorp from Ohio Farmers Insurance Company for a cool $325 million. The transaction is a tasty mix of cold hard cash and First Financial shares.
The acquisition will not only beef up First Financial's presence in Northeast Ohio but also integrate Westfield Bank's retail banking locations, commercial services, private banking, and insurance agency services into its portfolio.
This strategic move fortifies First Financial's commercial and specialty banking offerings while providing Westfield Bank customers with a wider credit access net and its employees with promising growth opportunities. As a cherry on top, First Financial commits $500,000 to its Foundation to support community initiatives in Westfield Bank's service areas.
Archie Brown, First Financial's big cheese, is pumped about the acquisition and believes it aligns with the company's growth strategy. He emphasizes the cultural synergy between the two organizations and their shared commitment to community service.
This acquisition isn't First Financial's first rodeo—it's been busy expanding in cities like Chicago, Cleveland, and Grand Rapids, adding to its core presence in Cincinnati, Dayton, Indianapolis, Louisville, and Columbus.
Westfield Bancorp's CEO, Ed Largent, is onboard with the sale, saying it lines up with Westfield's renewed focus on property and casualty insurance, including its Westfield Specialty operations. Mike Toth, Westfield Bank's CEO, welcomes this new chapter of growth and opportunity for employees and customers alike.
The nitty-gritty of the deal involves First Financial acquiring 100% of Westfield Bancorp's stock for $260 million in cash and approximately 2.75 million First Financial shares, valued at around $65 million based on a 10-day VWAP as of June 20, 2025. The transaction could be 12% accretive to earnings and deliver a reasonable three-year tangible book value per share earn-back. It's set to close in the last quarter of 2025, assuming it gets the regulatory green light. Westfield Bancorp's sole shareholder has already given it the nod.
Monday saw FFBC closing at $23.74, up 2.55%, but it's been playing it cool post-hours on the NasdaqGS.
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Behind the Scenes:This strategic acquisition positions First Financial for growth in key Midwest markets by integrating Westfield's retail banking locations. The deal is expected to be 12% accretive to earnings and could deliver a reasonable three-year tangible book value per share earn-back. First Financial will add Westfield's earnings, projecting a strong return profile with a 15.5% return on tangible common equity and a 1.3% return on average assets for 2026. The cash portion of the deal allows First Financial to deploy some of its excess capital effectively while maintaining a robust Common Equity Tier 1 ratio. The acquisition reinforces First Financial's commitment to community development through dedicated foundation support and culturally aligned integration efforts. [1][2][3][4][5]
The acquisition of Westfield Bancorp by First Financial Bancorp (FFBC) not only expands their business operations in the Midwest but also strengthens their presence in the finance industry, incorporating Westfield's retail banking services, commercial services, private banking, and insurance agency services. This movement in the business sector not only fortifies First Financial's commercial and specialty banking offerings but also provides Westfield Bank customers with broader access to credit and its employees with opportunities for growth.
