Westfield Advances Insurance Strategy with Sale of Banking Business

Refined Enterprise Focus Strengthens Foundation for Continued Profitable Growth and Innovation 

WESTFIELD CENTER, Ohio, June 23, 2025 /PRNewswire/ -- Westfield, a global property and casualty (P&C) insurance group of companies with headquarters in Westfield Center, Ohio, announced today 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 property and casualty insurance businesses where it sees the greatest potential for profitable growth and innovation. 

"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," said Ed Largent, Westfield CEO and Board Chair. "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." 

Westfield has significantly expanded and diversified its insurance platform in recent years, extending the company's reach and complementing its established presence in standard commercial and personal lines, allowing Westfield to serve a broader range of customers, agents, brokers, and markets. 

With the sale of its banking business, Westfield is aligning with a broader industry trend of streamlining operations, strengthening its balance sheet, and reinforcing long-term strategic priorities to drive excellent operating results. 

"We're seeing significant momentum across our insurance platforms," Largent added. "With a refined enterprise focus, we are well positioned for the future." 

Transaction Terms
Under the terms of the agreement, First Financial will purchase 100% of the stock of Westfield Bancorp, from its sole shareholder, Ohio Farmers. 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 ("VWAP") of First Financial's stock as of June 20, 2025. The transaction is expected to be 12% accretive to First Financial's earnings with a tangible book value earn-back of approximately 2.9 years. 

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. 

Transaction Advisors
Janney Montgomery Scott is serving as financial advisor to First Financial. Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor to Ohio Farmers. Amundsen Davis, LLC is serving as Legal Counsel to First Financial. Squire Patton Boggs, (US) LLP is serving as Legal Counsel to Ohio Farmers and Westfield Bancorp. 

About Westfield 
Founded in 1848, Westfield is a global leader in property and casualty insurance, delivering superior risk insights and innovative solutions to customers through a portfolio of insurance products. Westfield underwrites commercial, personal, surety and specialty lines of coverage through a network of leading independent agents and brokers in the United States and specialty products through Lloyd's of London Syndicate 1200. As a mutual insurance company with nearly 3,000 employees, Westfield has revenues in excess of $4 billion and more than $11 billion in assets. Learn more at www.westfieldinsurance.com.

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SOURCE Westfield