First Financial to acquire BankFinancial for $142 million

First Financial Bancorp (NASDAQ: FFBC) announced it will acquire Chicago-based BankFinancial Corporation (NASDAQ: BFIN) in an all-stock transaction valued at approximately $142 million, based on First Financial's August 8 closing stock price.

Under the agreement, each BankFinancial share will convert into 0.48 shares of First Financial common stock. The transaction has received unanimous approval from both companies' boards of directors and is expected to close in the fourth quarter of 2025, subject to regulatory approvals and BankFinancial shareholder approval.

The acquisition will add 18 retail banking locations to First Financial's network and expand its presence in the Chicago market. Combined pro forma deposits will total $2.2 billion. All BankFinancial bank employees will become First Financial associates upon closing.

BankFinancial operates full-service banking offices in Cook, DuPage, Lake, and Will counties in Illinois, serving commercial and retail customers in the greater Chicago area and beyond.

First Financial, based in Cincinnati, had $18.6 billion in assets, $11.8 billion in loans, and $14.4 billion in deposits as of June 30, 2025. The company operates 128 full-service banking centers across Ohio, Indiana, Kentucky, and Illinois.

The transaction is expected to be accretive to First Financial's earnings per share, with tangible book value per share estimated to remain approximately unchanged at closing, according to the press release statement.

Morgan Stanley is serving as financial advisor to First Financial, while Keefe, Bruyette & Woods is advising BankFinancial.

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