First Financial Bancorp Expands Presence Through Acquisition of Westfield Bancorp

First Financial Bancorp's Strategic Move in Northeast Ohio

In a significant development in the banking sector, First Financial Bancorp has announced its decision to acquire Westfield Bancorp, the holding company of Westfield Bank, for $325 million. This acquisition is pivotal as it consolidates First Financial's footprint, growing it into a $20.6 billion financial institution focused on serving a diverse range of retail and business clients.

The acquisition will empower First Financial to broaden its array of services while enhancing the community banking experience for customers in Northeast Ohio. With Westfield Bancorp holding assets worth $2.2 billion, this move is designed to directly contribute to First Financial’s ambition to better serve geographically attractive communities. The existing retail locations of Westfield Bank will transition to the First Financial Bank brand post-transaction, a shift aimed at harmonizing banking services across the region.

Archie Brown, President and CEO of First Financial, expressed enthusiasm about welcoming Westfield Bank into the First Financial family and emphasized the importance of this geographical expansion. By integrating Westfield's commercial banking, insurance agency, and private banking services, First Financial not only aims to diversify its offerings but also to strengthen its existing operations in the area. The merger promises to enhance credit capacity for Westfield’s clientele and open new pathways for employment growth among the Westfield Bank staff.

The acquisition follows First Financial's recent expansions into Chicago, Cleveland, and Grand Rapids, marking a strategic enhancement of its position in the Midwest banking landscape. As part of its commitment to community support, First Financial will also donate $500,000 to the foundation benefiting local organizations served by Westfield Bank, signaling a strong investment in the future of Northeast Ohio.

Ed Largent, CEO of Westfield, praised the acquisition as a strategic alignment with the evolving needs of the marketplace, affirming Westfield Bank’s longstanding commitment to community-based banking. The acquisition is also expected to fuel the bank's growth trajectory and success story that has unfolded over the past two decades in providing personalized financial services.

The transaction is structured with 80% in cash and 20% in stock of First Financial, involving around $260 million in cash along with approximately 2.75 million shares of First Financial stock. This financial strategy anticipates an earnings accretion of 12% for First Financial, along with a tangible book value earn-back estimated at 2.9 years.

Closing is expected in the fourth quarter of 2025, contingent upon regulatory approval and standard closing conditions. Importantly, First Financial shareholders do not require approval for the transaction, while the necessary support from Westfield’s sole shareholder, Ohio Farmers Insurance Company, has already been secured.

As the financial landscape evolves, acquisitions like this not only represent strategic growth for banks but also highlight the increasing importance of community-focused financial services. First Financial Bancorp is poised to leverage this acquisition to provide enhanced banking solutions while maintaining a community-first approach to their operations.

For those interested in learning more, First Financial’s management will host a conference call to discuss this acquisition in more detail, further illustrating the anticipated impact of this significant transaction on regional banking dynamics.

About First Financial Bancorp

First Financial is a well-established bank holding company headquartered in Cincinnati, Ohio. It offers diverse financial services, focusing on commercial banking, consumer banking, and wealth management across Ohio, Indiana, Kentucky, and Illinois. With a strong commitment to community banking, First Financial has garnered recognition for its employee-friendly practices and community-oriented initiatives.

About Westfield Bank

Founded in 2001, Westfield Bank is regarded as a leading financial institution in Northeast Ohio, known for its comprehensive suite of banking products. Its positive workplace culture has earned it accolades, underscoring its commitment to employee and community welfare. Through this acquisition, Westfield aims to continue its legacy of exceptional customer service and community engagement.