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.
The acquisition builds on First Financial’s existing commercial banking and wealth management presence in Northeast Ohio by adding all of Westfield Bank’s retail banking locations and its commercial, insurance agency, and private banking services.
Additionally, First Financial’s larger balance sheet will provide expanded credit capacity for Westfield Bank clients and additional growth opportunities for Westfield Bank employees, First Financial said in a statement.
This acquisition continues First Financial’s recent growth, including commercial banking expansions into Chicago, Cleveland, and Grand Rapids, from a Midwestern base that includes Cincinnati, Dayton, Indianapolis, Louisville, and Columbus, Ohio.
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 $325 million, which will be paid 80% in cash and 20% in stock of First Financial. Specifically, the transaction consideration will include $260 million in cash and approximately 2.75 million shares of First Financial stock, which equates to approximately $65 million based on the 10-day volume weighted average price (“VWAP”) 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.
Janney Montgomery Scott is serving as financial advisor to First Financial. Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor to Ohio Farmers. Amundsen Davis, LLC is serving as Legal Counsel to First Financial. Squire Patton Boggs, (US) LLP is serving as Legal Counsel to Ohio Farmers and Westfield Bancorp.