Cincinnati-based First Financial Bank has signed an all-stock agreement to acquire BankFinancial, a century-old Chicago-based financial institution, in a deal valued at approximately $142 million. Under the terms, BankFinancial shareholders will receive 0.48 shares of First Financial for each share owned. The boards of both banks have unanimously approved the merger.
The acquisition will add BankFinancial’s 18 financial centres in the Chicagoland area to First Financial’s network, strengthening its Midwest expansion strategy. BankFinancial’s consumer banking, wealth management services, and select commercial credit lines will be integrated into First Financial’s operations, while all current BankFinancial employees will transition to the acquiring bank.
Leadership from both institutions highlighted the strategic alignment and customer-focused values driving the transaction. The move follows First Financial’s recent acquisition of Westfield Bank in Northeast Ohio, underscoring its growth plans across Chicago, Cleveland, and Grand Rapids.
The transaction is expected to close in Q4 2025, subject to regulatory approvals and shareholder consent. Financial advisory support is being provided by Morgan Stanley for First Financial and Keefe, Bruyette & Woods for BankFinancial, with legal counsel from Squire Patton Boggs, Kirkland & Ellis, and Luse Gorman.
