First Financial Acquires Westfield Bancorp: 5M Deal

First Financial Acquires Westfield Bancorp: $325M Deal

June 30, 2025 Catherine Williams - Chief Editor Business

First Financial Bancorp has agreed to acquire Westfield Bancorp for $325 million, marking a significant expansion of First Financial’s presence in Northeast Ohio. The deal is structured as approximately $260 million in cash (80%) and 2.75 million shares of First Financial stock (20%), priced based on a 10-day volume-weighted average price. The transaction is expected to close in Q4 2025. 

First Financial will add approximately $2.2 billion in assets from Westfield, bringing its total assets to roughly $20.6 billion. The transaction will add at least seven new branches to First Financial’s footprint and broaden its specialty lending, commercial banking, and wealth management capabilities in a strategically important region. 

The deal is expected to be immediately accretive to earnings, delivering an estimated 12% earnings accretion and a tangible book value earn-back period of approximately 2.9 years, according to company projections. 

“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,” said Archie Brown, President and CEO of First Financial Bancorp. 

Mike Toth, CEO of Westfield Bank, added: “This next chapter will create new opportunities for our customers and employees, ensuring the bank’s continued success for years to come.”  

All Westfield Bank locations will remain open and will be rebranded as First Financial Bank branches following the close. First Financial also announced a $500,000 community investment commitment through its foundation to support local organizations in the expanded Northeast Ohio market. 

This marks one of First Financial’s largest strategic acquisitions to date as it continues to pursue disciplined growth within its core Midwestern footprint. 

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