First Financial Bancorp (FFBC) will get an opportunity to drive greater scale and strengthen its presence in northeast Ohio with its proposed acquisition of Westfield Bancorp, RBC Capital Markets said in a note Tuesday.
RBC said it supports First Financial's $325 million 80% cash and 20% stock deal to acquire Westfield, which the firm views "as a like-minded partner with similar business lines.
"Key financial metrics appear reasonable and we appreciate the solid earnings accretion generated from a modestly sized deal," RBC said.
The firm said it boosted its 2026 earnings-per-share estimate for First Financial to $2.95 from $2.80 to reflect the deal, which is expected to close in Q4.
RBC maintained First Financial Bancorp's sector perform rating and $27 price target.
Price: 24.16, Change: -0.10, Percent Change: -0.41
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