Cincinnati-based First Financial Bancorp is expanding in the Chicago region by acquiring BankFinancial Corp. in a $142 million, all-stock deal..The deal is expected to close in the fourth quarter of this year. The acquisition will add 18 retail branches in Illinois and Northwest Indiana. As of June 30, First Financial Bancorp had $18.6 billion in assets, $14.4 billion in deposits and $11.8 billion in assets. “We are excited to add consumer banking and lending solutions to the existing lineup of commercial services offered to Chicago businesses,” said President and CEO Archie Brown. “The addition of BankFinancial’s retail financial centers enables us to continue our Midwest growth strategy and provides Chicago clients a broader range of banking and specialty solutions to help them meet their financial goals.”The acquisition is the recent buy announced by First Financial. The bank recently announced its plans to acquire Westfield Bank in Northeast Ohio, expanding its commercial banking unit into Chicago, Cleveland and Grand Rapids. “First Financial is the ideal choice to help us continue our legacy of delivering exceptional financial solutions, while maintaining a strong commitment to customer care and service to our communities,” said BankFinancial Chair, President and CEO Morgan Gasior.Morgan Stanley & Co. LLC is financial adviser to First Financial, while Keefe, Bruyette & Woods is financial adviser to BankFinancial. Cleveland-based Squire Patton Boggs is legal counsel to First Financial, while Chicago-based Kirkland & Ellis LLP and Washington, D.C.-based Luse Gorman PC are legal counsel to BankFinancial.
