Cincinnati, US-based bank First Financial has entered into a definitive agreement to acquire Chicago-based BankFinancial in an all-stock transaction valued at $142 million. The deal is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals.
The agreement stipulates that each outstanding share of BankFinancial common stock will be exchanged for 0.48 shares of First Financial common stock.
BankFinancial, established in 1924 as Financial Federal Savings Bank of Olympia Fields, maintains 18 branches throughout the Chicago area and six satellite offices across Florida, North Carolina, Texas, Pennsylvania, and Utah. The institution offers commercial, business, personal banking, and wealth management products, while also featuring a marketplace that showcases local Illinois-based businesses.
“The addition of BankFinancial’s retail financial centres enables us to continue our Midwest growth strategy and provides Chicago clients a broader range of banking and specialty solutions to help them meet their financial goals,” explains Archie Brown, president and CEO of First Financial.
The merger will see First Financial expand its offerings in the region by integrating BankFinancial’s consumer banking, wealth management, and selected commercial credit operations, with the entire BankFinancial workforce transferring to First Financial.
Founded in 1863, First Financial manages over $18.6 billion in assets and operates 130 banking centres across Ohio, Indiana, Kentucky, and Illinois. The move for BankFinancial follows shortly after First Financial agreed to acquire Westfield Bank in Northeast Ohio for $325 million in June.
Source: https://www.fintechfutures.com/
