First Financial to Acquire Westfield Bancorp for $325M

First Financial Bancorp has agreed to acquire Westfield Bancorp, the holding company of Westfield Bank, in a $325 million cash-and-stock deal expected to close in the fourth quarter of 2025, pending regulatory approval. The transaction was approved by Westfield's parent, Ohio Farmers Insurance Company. First Financial will pay approximately $260 million in cash and issue about 2.75 million shares as part of the deal. The acquisition will expand First Financial’s assets to $20.6 billion and significantly increase its presence in Northeast Ohio with all Westfield Bank branches being rebranded and retained. The deal is projected to be 12% accretive to earnings with a tangible book value earn-back of about 2.9 years, and includes a $500,000 commitment to local community organizations. Both companies emphasize the complementary nature of their business models and a shared dedication to community engagement.