First Financial, a US-based bank holding company, has reached a definitive agreement to acquire Westfield Bancorp from Ohio Farmers Insurance Company.
The cash and stock deal is valued at $325m.
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The deal will be financed with 80% cash and 20% stock, comprising $260m in cash and approximately 2.75 million shares of First Financial stock.
The acquisition includes all of Westfield Bank’s retail banking locations, as well as its commercial, insurance agency, and private banking services.
First Financial expects the acquisition to enhance its commercial banking and wealth management footprint in Northeast Ohio.
First Financial president and CEO Archie Brown said: “We are excited to welcome Westfield Bank and to accelerate our growth in Northeast Ohio.
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By GlobalData“This targeted expansion of our commercial, consumer, and speciality banking businesses broadens our ability to serve additional clients, and it opens up new avenues for growth and profitability in an attractive geographical area.
“We are excited about the commercial banking focus of Westfield Bank as well as the complementary nature of Westfield Bank’s speciality lending businesses, which will build upon our existing strengths.”
The transaction is anticipated to close in the fourth quarter of 2025, pending regulatory approvals and customary closing conditions.
Notably, First Financial shareholder approval is not required, as Ohio Farmers has already approved the deal.
Furthermore, the acquisition is expected to provide Westfield Bank clients with expanded credit capacity and create additional growth opportunities for its employees.
Westfield Bank chairman, president and CEO Mike Toth said: “Westfield Bank’s growth to become one of Ohio’s largest independently owned community banks has been a tremendous success story.
“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.”
