US EditionPrice Over Earnings Overview: First Financial Bancorp - First Financial Bancorp (NASDAQ:FFBC)
- First Financial Bancorp agreed on Monday to acquire Westfield Bancorp, an Ohio bank holding company, in a $325 million cash-and-stock deal.
- The acquisition builds on First Financial's growth strategy following prior expansions like the 2021 purchase of Summit Financial for $121 million.
- The merger will create a $20.6 billion institution with increased presence in northeast Ohio and expects to add over seven Westfield retail locations.
- First Financial plans to finance the deal with $260 million in cash and will issue approximately 2.75 million shares, valued around $65 million, with the acquisition anticipated to increase earnings by 12%.
- The deal is anticipated to finalize during the last quarter of the year, after which all Westfield retail branches will continue operating under the First Financial Bank name.
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First Financial Bancorp and Westfield Jointly Announce First Financial's Acquisition of Westfield Bancorp
First Financial Bancorp ("First Financial") has agreed to acquire Westfield Bancorp, which has $2.2 billion in assets, the holding company of Westfield Bank,...
·United States
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Total News Sources12
Leaning Left1Leaning Right0Center6Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
14%
C 86%
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