First Financial Acquires Finward for $208 Million in Stock

First Financial Bancorp. (FFBC) entered a merger agreement on July 21, 2026, to acquire Finward Bancorp (FNWD) in a deal valued at $208 million.

Deal Structure:

Each outstanding share of Finward will be converted into the right to receive 1.35 shares of First Financial, representing a value of $48.15 per Finward share, at a 31.95% premium from the stock’s last close.

Company Profile:

Finward is a bank holding company headquartered in Munster, Indiana, and the parent company of Peoples Bank. Through its branch network in Northwest Indiana and the Chicagoland area, it provides retail and commercial banking, lending, deposit, and wealth management services to individuals, businesses, and municipalities. The company has about $2.1 billion in total assets and $1.8 billion in total deposits.

First Financial is a Cincinnati, Ohio-based bank holding company that provides commercial and retail banking, commercial finance, mortgage, real estate lending, and wealth management services through its subsidiary, First Financial Bank. The company has $22.4 billion in total assets, $17.6 billion in deposits, and operates 151 banking centers across Ohio, Indiana, Kentucky, and Illinois.

Deal Details and Timeline:

The transaction expands First Financial’s presence in the economically strong Chicagoland market by adding a core deposit franchise with 24 financial centers and a 116-year legacy serving Northwest Indiana and the Chicago region.

Combined with the 15 retail locations acquired through First Financial’s recent Chicagoland acquisition, the Finward transaction increases its pro forma deposits in the Chicago metropolitan statistical area (MSA) by 75%, surpassing $4 billion.

Finward’s consumer banking, wealth management, trust, and commercial lending businesses will be integrated into First Financial’s existing business operations. Employees of Peoples Bank will join First Financial as associates.

First Financial’s Midwest footprint spans major markets including Chicago, Cincinnati, Dayton, Cleveland, Columbus, Indianapolis, and Louisville. The Finward acquisition adds presence in the Chicagoland area, complementing its existing commercial loan production office in Fulton Market, Agile Premium Finance division in Lincolnshire, and Bannockburn Capital Markets office in downtown Chicago. The company also continues to provide retail and business banking services across Northwest Indiana and Northeast Illinois.

The merger is expected to close in the fourth quarter of 2026.

Stephens is serving as Finward Bancorp’s financial advisor, while Barack Ferrazzano Kirschbaum & Nagelberg is acting as its legal advisor. For First Financial, Morgan Stanley is serving as financial advisor, and Squire Patton Boggs is providing legal counsel.

The acquisition deal represents a 1.05 times tangible book value for Finward.

Deal Metrics:

For a comprehensive analysis of this merger transaction, you can visit the Deal Metrics page at:

Deal Metrics for the acquisition of Finward Bancorp (FNWD) by First Financial Bancorp (FFBC)

Key features of the Deal Metrics page include:

• A detailed spread history chart tracking the merger activity from announcement to completion or discontinuation.
• Significant events as the merger progresses through stages including HSR period expiration, regulatory approvals, shareholder votes, etc.
• News and SEC filings related to the merger.
• Historical updates on the deal.
• And much more.

Disclaimer: We encourage readers to conduct their own research and due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article