Westfield Advances Insurance Strategy with Sale of Banking Business
Westfield, a global property and casualty (P&C) insurance group headquartered in Westfield Center, Ohio, has announced the sale of its banking business, Westfield Bancorp, to First Financial Bancorp in a cash and stock transaction valued at $325 million.
The move aligns with Westfield’s long-term vision to focus on its property and casualty insurance businesses, where it sees significant potential for profitable growth and innovation. “This decision is aligned with our strategic focus on our portfolio of property and casualty insurance businesses,” said Ed Largent, Westfield CEO and Board Chair. “The sale enables us to prioritize investments in our P&C businesses and strengthen capabilities that drive long-term profitable growth.”
Westfield has expanded its insurance platform in recent years through strategic acquisitions, including Westfield Specialty U.S. and Westfield Specialty International. The sale of Westfield Bancorp is part of a broader industry trend of streamlining operations and reinforcing strategic priorities.
Under the agreement, First Financial will purchase 100% of Westfield Bancorp’s stock from Ohio Farmers Insurance Company for $260 million in cash and approximately 2.75 million shares of First Financial stock, valued at around $65 million based on the 10-day volume weighted average price as of June 20, 2025. The transaction is expected to be 12% accretive to First Financial’s earnings and close in the fourth quarter of 2025, subject to regulatory approvals.
Janney Montgomery Scott served as financial advisor to First Financial, while Keefe, Bruyette & Woods, A Stifel Company, advised Ohio Farmers. Amundsen Davis, LLC acted as legal counsel to First Financial, and Squire Patton Boggs, (US) LLP advised Ohio Farmers and Westfield Bancorp.
Westfield, founded in 1848, is a global leader in property and casualty insurance, offering a range of insurance products through 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 exceeding $4 billion and assets over $11 billion.
