First Financial Secures Green Light for BankFinancial Takeover

First Financial has officially obtained the necessary approvals from the Federal Reserve and the Ohio Department of Financial Institutions, paving the way for its acquisition of BankFinancial. The agreement, initially signed in August, is an all-stock deal valued at approximately $142 million. BankFinancial shareholders are set to receive 0.48 shares of First Financial for every share they own, a move unanimously backed by both companies' boards of directors.

This strategic acquisition is designed to significantly expand First Financial's footprint in the Chicagoland area, where BankFinancial currently operates 18 financial centers offering commercial lending and comprehensive financial solutions. Upon completion, First Financial will absorb BankFinancial's consumer and wealth management services, retain all its employees, and integrate selected commercial credit lines. This follows First Financial's recent acquisition of Westfield Bancorp and Westfield Bank, further consolidating its market position.

The merger is expected to be finalized by January 1, 2026, contingent upon customary closing conditions and the approval of BankFinancial shareholders. This expansion, alongside the recent integration of Westfield Bank's operations in Northeast Ohio, underscores First Financial's commitment to growing its commercial banking and wealth management services across key markets.