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CINCINNATI - First Financial Bancorp (NASDAQ:FFBC) has agreed to acquire Chicago-based BankFinancial Corporation (NASDAQ:BFIN) in an all-stock transaction valued at approximately $142 million, according to a press release statement issued Monday. BankFinancial, currently trading near its 52-week low with a market capitalization of $136 million, has maintained a strong track record of dividend payments for 20 consecutive years, according to InvestingPro data.
Under the terms of the agreement, BankFinancial shareholders will receive 0.48 shares of First Financial common stock for each BankFinancial share they own. The transaction, unanimously approved by both companies’ boards of directors, is expected to close in the fourth quarter of 2025, pending regulatory approvals and BankFinancial shareholder approval. BankFinancial currently offers a dividend yield of 3.71% and trades at a P/E ratio of 69.4x.
The acquisition will add 18 retail financial centers to First Financial’s footprint in the Chicago area, complementing its existing commercial banking operations in the region. The combined entity will have $2.2 billion in total deposits in the Chicago market.
"We are excited to add consumer banking and lending solutions to the existing lineup of commercial services offered to Chicago businesses," said Archie Brown, president and CEO of First Financial, in the press release.
All BankFinancial bank employees will become First Financial associates upon completion of the transaction. BankFinancial’s consumer, trust/wealth management and selected commercial credit lines of business will be incorporated into First Financial’s respective business lines.
This acquisition follows First Financial’s recently announced agreement to acquire Westfield Bank in Northeast Ohio and its commercial banking expansion into Chicago, Cleveland and Grand Rapids.
Morgan Stanley & Co. LLC is serving as financial advisor to First Financial, while Keefe, Bruyette & Woods is advising BankFinancial on the transaction.
As of June 30, 2025, First Financial had $18.6 billion in assets, $11.8 billion in loans, and $14.4 billion in deposits. For deeper insights into both companies’ financials and valuations, InvestingPro subscribers can access comprehensive research reports covering over 1,400 US stocks, including detailed analysis of merger implications and future growth prospects.
In other recent news, BankFinancial Corporation announced a cash dividend of $0.10 per common share, payable on August 29, 2025, to shareholders of record as of August 15, 2025. The company also stated that future dividend decisions will be evaluated by the Board of Directors, taking into account regulatory requirements and other relevant factors. Additionally, BankFinancial has appointed Director Benjamin Mackovak to its audit committee, succeeding Glen Wherfel, who is retiring from board service at the 2025 annual meeting. This change follows a correction in the company’s proxy statement, which initially omitted Wherfel’s membership on the audit committee as of December 31, 2024. The current Audit Committee includes John M. Hausmann, Terry R. Wells, and Glen R. Wherfel, all of whom are independent directors under Nasdaq and SEC regulations. These developments reflect ongoing adjustments within the company’s governance structure.
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