First Financial Bancorp has agreed to buy Westfield Bancorp, the holding company of Westfield Bank, in a cash-and-stock deal valued at $325 million.
The merger of the two Ohio banks is expected to create a $20.6 billion institution and to grow First Financial's presence in the northeast portion of the state, First Financial said in a press release Monday.
The acquisition is the latest in a series of growth moves for First Financial, including commercial banking expansions into Chicago, Cleveland, and Grand Rapids, Michigan. In 2021, First Financial
"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 President and CEO Archie Brown said in the release.
According to the terms of the deal, First Financial will be paying 80% in cash and 20% in its stock, the Cincinnati bank said. It expects to pay $260 million in cash and about 2.75 million shares.
Westfield's sole shareholder, Ohio Farmers Insurance, has approved the deal, which is expected to close in the fourth quarter.
The Westfield Bank retail locations in northeast Ohio will remain open and will be rebranded as First Financial Bank after the deal closes, First Financial said.
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