Ohio bank agrees to purchase local competitor for $70.4 million transaction
Ohio-based banks are making moves to expand their reach, as evidenced by recent mergers and acquisitions. Two significant deals have been announced, with First Financial Bancorp and Huntington Bancshares leading the charge.
First Financial Bancorp, an Ohio corporation, has signed an Agreement and Plan of Merger with Chicago-based BankFinancial Corporation. The deal, valued at $142 million, involves BankFinancial merging into First Financial Bancorp, with First Financial Bank (Ohio state-chartered) continuing as the surviving bank. This merger is expected to close in Q4 2025 and will see First Financial expand its presence into the Chicago retail banking market, offering significant cost savings and strategic benefits for the company [1][2][4].
Meanwhile, Huntington Bancshares, based in Columbus, Ohio, has announced plans to acquire Texas-based Veritex Holdings in an all-stock deal. This merger, one of the largest in Texas in 20 years, will increase Huntington’s footprint in the Dallas/Fort Worth and Houston markets. The deal aims to close early in Q4 2025, with Veritex branches rebranding under Huntington Bank [3][5].
Civista Bancshares, another Ohio-based bank, has also made headlines with its acquisition of Farmers Savings Bank. The deal, valued at $70.4 million, involves $34.925 million in cash and 1,434,491 common shares. This acquisition will add two branches in Medina and Lorain counties in northeastern Ohio to Civista's 42-branch network across Ohio, Indiana, and Kentucky. The combined entity will have total net loans of nearly $3.2 billion and total deposits of approximately $3.5 billion [6].
These mergers are subject to regulatory approval and other customary conditions before closing [1][2][3][4][5]. Ohio has recently seen a surge in mergers and acquisitions, with First Financial Bancorp's proposed acquisition of Westfield Bancorp and FSB Financial Corp.'s acquisition of The Republic Banking Company also making waves [7].
Civista's recent move to raise capital and its plan to acquire Farmers might be aimed toward organic growth opportunities and future strategic transactions. The offering is expected to close on Monday, with net proceeds of roughly $65.5 million, potentially $75.5 million if the underwriters exercise their full option [6]. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory and shareholder approvals.
References:
- First Financial Bancorp's acquisition of BankFinancial Corporation
- First Financial Bancorp's acquisition of BankFinancial Corporation: Expanding into Chicago
- Huntington Bancshares' acquisition of Veritex Holdings
- Huntington Bancshares' acquisition of Veritex Holdings: Strategic benefits
- Huntington Bancshares' acquisition of Veritex Holdings: Rebranding under Huntington Bank
- Civista Bancshares' acquisition of Farmers Savings Bank
- Ohio's surge in bank mergers and acquisitions
The Ohio-based corporation, First Financial Bancorp, is set to expand its business in the finance sector with its acquisition of BankFinancial Corporation, valued at $142 million. Meanwhile, Huntington Bancshares, another Ohio-based institution, aims to strengthen its position in the finance industry through its all-stock deal to acquire Texas-based Veritex Holdings.
