First Financial to Acquire BankFinancial in a $142 Million Stock Deal

First Financial Bancorp (FFBC) entered a merger agreement on August 11, 2025, to acquire BankFinancial Corporation (BFIN) in an all-stock deal valued at $142 million.

Deal Structure:

Each outstanding share of BankFinancial common stock will be converted into the right to receive 0.48 of a share of First Financial common stock, representing a per-share price of $11.34, which is a 4.25% premium from the stock’s last close.

Company Profile:

BankFinancial is a Burr Ridge, Illinois–based bank with over 100 years of experience, offering commercial, personal, and wealth management services through 18 full-service offices in the Chicago area and serving select clients nationwide. BankFinancial Corporation had approximately $1.49 billion in assets, $1.05 billion in loans, and $1.26 billion in deposits.

First Financial is a Cincinnati, Ohio–based bank holding company that, through its subsidiary First Financial Bank, provides commercial, consumer, and wealth management services across Ohio, Indiana, Kentucky, and Illinois, with select nationwide lending in targeted industries. First Financial has $18.6 billion in assets, $11.8 billion in loans, $14.4 billion in deposits, and $2.6 billion in shareholders’ equity.

Deal Details and Timeline:

The deal expands First Financial’s footprint in the Chicagoland market, adding a deposit franchise with 18 financial centers. It also strengthens the company’s existing commercial banking presence in the region.

BankFinancial’s consumer, trust, and wealth management, and certain commercial lending businesses will become part of First Financial’s corresponding divisions.

The deal is expected to close in the fourth quarter of 2025.

BankFinancial was advised by Keefe, Bruyette & Woods, A Stifel Company, with legal counsel from Kirkland & Ellis and Luse Gorman. First Financial received financial advice from Morgan Stanley and legal counsel from Squire Patton Boggs (US).

First Financial is purchasing BankFinancial Corporation at 0.94 times tangible book value.

Deal Metrics:

For more information on this merger, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of BankFinancial Corporation (BFIN) by First Financial Bancorp (FFBC).

The Deal Metrics page for each merger or acquisition includes the following:

• A spread history chart of the merger from announcement to completion or failure.
• A record of each event as the merger progresses, including regulatory approvals, votes by shareholders, and more.
• News and SEC filings related to the merger.
• A historical record of deal updates.
• And much more.

Disclaimer: This article is for informational purposes only. Please conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not guarantee the accuracy or completeness of the information provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article