First Financial Bancorp acquires Westfield Bancorp, holding company of Westfield Bank

WESTFIELD CENTER — First Financial Bancorp agreed to acquire Westfield Bancorp — the holding company of Westfield Bank, which has $2.2 billion in assets. On Monday, First Financial announced it entered a definitive agreement to acquire Westfield Bancorp from Ohio Farmers Insurance Company, which is the parent company of the global property and casualty insurance group conducting business as Westfield. The acquisition will be made through a cash and stock transaction. "We are excited to welcome Westfield Bank and to accelerate our growth in Northeast Ohio," President and CEO of First Financial Archie Brown said. "This targeted expansion of our commercial, consumer and specialty banking businesses broadens our ability to serve additional clients, and it opens up new avenues for growth and profitability in an attractive geographical area." First Financial Bancorp. is a Cincinnati-based bank holding company. As of March 31, the company had $18.5 billion in assets, $11.7 billion in loans, $14.2 billion in deposits and $2.5 billion in shareholders' equity. With this acquisition, First Financial will grow to be a $20.6 billion Midwest-based institution. "This decision is aligned with our strategic focus on our portfolio of property and casualty insurance businesses, including the recent additions of Westfield Specialty U.S. and Westfield Specialty International to the portfolio," Westfield CEO and Board Chair Ed Largent said. "We're proud of what Westfield Bank has accomplished, and with First Financial's strategic priorities centered on banking, Westfield Bank is well-positioned for continued growth and success." Under the terms of the agreement, First Financial will purchase 100 percent of the stock of Westfield Bancorp from Ohio Farmers, making First Financial the new sole shareholder. The purchase is valued at $325 million, which will be paid in 80 percent cash, at $260 million, and 20 percent in First Financial Stock, approximately 2.75 million shares valued at about $65 million based on the 10-day volume-weighted average price of the stock as of June 20. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and satisfaction of customary closing conditions. Ohio Farmers has approved of the transaction and no First Financial shareholder approval was required. All Westfield Bank retail locations will remain open and will be rebranded as First Financial Bank locations following the transaction's closure. "Westfield Bank's growth to become one of Ohio's largest independently owned community banks has been a tremendous success story," Westfield Bank Chairman, President and CEO Mike Toth said. "We are incredibly proud of the strong relationships we've built with our customers and the contributions our banking team has made over the past two decades. This next chapter will create new opportunities for our customers and employees, ensuring the Bank's continued success for years to come."