First Financial gets regulatory approval for BankFinancial acquisition

First Financial has obtained support from the Federal Reserve and the Ohio Department of Financial Institutions to proceed with its planned acquisition of BankFinancial.

In August this year, First Financial signed an statement to get BankFinancial, a Chicago-based fiscal institution, successful an all-stock woody valued astatine astir $142m.

Under the agreement, BankFinancial shareholders volition person 0.48 shares of First Financial for each stock they hold.

The boards of directors of some companies person unanimously approved the merger.

This transaction is expected to adjacent by 1 January 2026, taxable to customary closing conditions and support from BankFinancial shareholders.

First Financial antecedently said that the acquisition volition assistance grow its beingness successful the Chicagoland area, wherever BankFinancial operates 18 fiscal centres.

BankFinancial offers commercialized lending and a scope of fiscal solutions to businesses and individuals successful the greater Chicago market.

Upon completion of the transaction, First Financial volition presume BankFinancial’s user and wealthiness absorption services and each its employees.

Also, the slope volition adhd selected commercialized recognition lines to its existing operations.

Last month, First Financial completed its acquisition of Westfield Bancorp and its subsidiary, Westfield Bank, from Ohio Farmers Insurance Company.

The slope signed an statement successful June this twelvemonth to get Westfield Bancorp successful a cash-and-stock transaction valued astatine $325m.

Westfield Bank’s retail locations and related services volition present run arsenic portion of First Financial’s network, nether existent branding until the conversion process completes, which is anticipated by March 2026.

First Financial said that the acquisition of Westfield Bank would grow its commercialized banking and wealthiness absorption services successful Northeast Ohio.

"First Financial gets regulatory support for BankFinancial acquisition" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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