First Financial Bank, Cincinnati, announced two acquisition agreements over the summer. In June, the bank entered into an agreement to acquire Westfield Bancorp, the holding company of Westfield Bank FSB, Westfield Center, Ohio, in a cash and stock transaction valued at $325 million. Westfield has $2.2 billion in assets, growing First Financial to $20.6 billion. All Westfield locations will remain open, rebranded as First Financial Bank locations. First Financial committed to donating $500,000 to its Foundation for the benefit of local organizations in communities served by Westfield Bank. In August, First Financial entered into an agreement to acquire BankFinancial, Chicago, in an all-stock transaction valued at $142 million. The acquisition will add 18 retail locations to First Financial’s Illinois & northwest Indiana market presence. Both acquisitions are expected to close by the end of the year.
New Independent Bancshares Inc., holding company of NWSB, Charlestown, announced in July the signing of a definitive merger agreement by which it will acquire State Bank of Medora. Pending shareholder and regulatory approvals, the transaction is expected to close by the end of the year. Financial terms of the transaction were not disclosed. The combined company will have 11 banking centers in southern Indiana and approximately $725 million in total assets. Another location is expected to open in the fourth quarter of this year.
