First Financial Bancorp in Cincinnati has agreed to buy Westfield Bancorp in Westfield Center, Ohio. The $18.5 billion-asset First Financial said in a news release that it will pay $325 million in cash and stock to Ohio Farmers Insurance Co. for the $2.2 billion-asset Westfield. The deal, which had the codename Project Artemis and is expected to close in the fourth quarter, valued Westfield at 137% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.