Westfield's parent to sell banking unit to First Financial Bancorp for $325 million

By Mia MacGregor

June 24 - (The Insurer) - Ohio Farmers Insurance Company, the parent company of Westfield, has entered into a definitive agreement to sell Westfield Bancorp to First Financial Bancorp in a cash-and-stock transaction valued at $325 million.

Westfield CEO and board chair Ed Largent said the deal aligns with its "strategic focus on our portfolio of property and casualty insurance businesses, including the recent additions of Westfield Specialty U.S. and Westfield Specialty International to the portfolio".

"The sale enables us to prioritise investments in our P&C businesses – where we see the greatest opportunity – and to strengthen capabilities that continue driving long-term profitable growth."

Largent added that Westfield is seeing "significant momentum across our insurance platforms".

Under the terms of the agreement, First Financial will acquire 100% of the stock of Westfield Bancorp from its sole shareholder, Ohio Farmers. The $325 million deal will be paid 80% in cash and 20% in First Financial stock.

The transaction consideration will include $260 million in cash and approximately 2.75 million shares of First Financial stock, valued at approximately $65 million based on the 10-day volume-weighted average price of First Financial's stock as of June 20, 2025.

Westfield anticipates that the transaction will be 12% accretive to First Financial's earnings with a tangible book value earn-back period of approximately 2.9 years.

The transaction is expected to close in the fourth quarter of 2025, pending regulatory approval and the fulfilment of customary closing conditions.