Jun. 23 at 8:04 PM
$FFBC
First Financial Bancorp to acquire Westfield Bancorp in cash, stock transaction
First Financial announced 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 is the parent company of the global property and casualty insurance group conducting business as Westfield. 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
$325M, which will be paid 80% in cash and 20% in stock of First Financial. Specifically, the transaction consideration will include
$260M in cash and approximately 2.75M shares of First Financial stock, which equates to approximately
$65M based on the 10-day volume weighted average price 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.
