Westfield to sell banking business

Global P&C insurance group Westfield Insurance announced that its parent company, Ohio Farmers Insurance Company, has entered into a definitive agreement to sell Westfield Bancorp in a cash and stock transaction to First Financial Bancorp.

The move aligns with Westfield’s long-term vision, enabling the company to focus on its P&C insurance businesses where it sees the greatest potential for profitable growth and innovation.

Under the terms of the agreement, First Financial will purchase 100% of the stock of Westfield Bancorp. The transaction is valued at $325 million, which will be paid 80% in cash and 20% in stock of First Financial. Specifically, the transaction consideration will include $260 million in cash and approximately 2.75 million shares of First Financial stock, which equates to approximately $65 million based on the 10-day volume weighted average price of First Financial’s stock as of June 20, 2025.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and satisfaction of customary closing conditions. No First Financial shareholder approval is required. Approval of Westfield Bancorp’s sole shareholder, Ohio Farmers, has been received.

“This decision is aligned with our 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 prioritize investments in our P&C businesses—where we see the greatest opportunity—and to strengthen capabilities that continue driving long-term profitable growth. We’re seeing significant momentum across our insurance platforms. With a refined enterprise focus, we are well positioned for the future.” – Ed Largent, Westfield CEO and Board Chair.