First Financial is acquiring BankFinancial, a Chicago-based bank, in an all-stock transaction.
The acquisition will expand Cincinnati-based First Financial’s presence in the Chicago region, adding 18 financial centers. The transaction is valued at approximately $142 million based on First Financial’s closing stock price on August 8.
“We are excited to add consumer banking and lending solutions to the existing lineup of commercial services offered to Chicago businesses,” Archie Brown, president and CEO of First Financial, said. “The addition of BankFinancial’s retail financial centers 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. This partnership is truly complementary to our existing Chicago presence and provides capacity for incremental growth in the market.”
Once the transaction is finalized, BankFinancial’s consumer, trust/wealth management and selected commercial credit lines of business will be incorporated into First Financial’s respective business lines. Further, all BankFinancial bank employees will become First Financial associates.
“First Financial is the ideal choice to help us continue our legacy of delivering exceptional financial solutions, while maintaining a strong commitment to customer care and service to our communities,” Morgan Gasior, chairman, president and CEO of BankFinancial, said. “We look forward to being part of First Financial’s continued success as we expand the scope of our financial services to our customers and communities.”
This follows a recent deal by First Financial to acquire Westfield Bank in Northeast Ohio.
The merger agreement has been unanimously approved by the boards of directors of First Financial and BankFinancial. The transaction is expected to close in the fourth quarter of 2025, subject to approval.