Banking Recap

FIRST FINANCIAL BANCORP /OH/ to Acquire Finward Bancorp for $208.0M

First Financial Bancorp. (Nasdaq: FFBC) announced on July 21, 2026, alongside its second quarter 2026 earnings release, that it has agreed to acquire Finward Bancorp, the holding company for Peoples Bank, in an all-stock transaction. The merger agreement has been unanimously approved by the boards of directors of both First Financial and Finward.

Jul 21, 2026·SEC EDGAR (8-K)·pending regulatory·bank merger / all-stock acquisition

Deal value

This record is sourced from First Financial's own 8-K press release (Exhibit 99.1), furnished to the SEC on July 21, 2026, which combines the company's quarterly earnings announcement with disclosure of the pending Finward acquisition in a single filing.

Morgan Stanley & Co. LLC is serving as financial advisor to First Financial on the acquirer side. Stephens Inc. is serving as financial advisor to Finward on the target side and rendered a fairness opinion to Finward's board of directors.

Squire Patton Boggs (US) LLP is serving as legal counsel to First Financial. Barack Ferrazzano Kirschbaum & Nagelberg LLP is serving as legal counsel to Finward.

Under the terms of the agreement, each outstanding share of Finward common stock will be converted into the right to receive 1.35 shares of First Financial common stock, an all-stock structure valuing the transaction at approximately $208 million based on First Financial's closing stock price on July 20, 2026. The transaction is expected to be approximately 5% accretive to First Financial's earnings per share, with only slight (0.4%) dilution to First Financial's tangible book value per share at closing and an anticipated tangible book value earnback of 0.6 years. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions, regulatory approvals, and approval of Finward's shareholders.

Not disclosed in this filing: any termination fee, Finward's standalone balance sheet metrics (total assets, loans, deposits) as of the announcement date, and post-closing governance or management appointments resulting from the combination.