First Financial Bancorp, the parent company of Oak Street Funding, which provides lending to investment advisory businesses, has closed on its acquisition of Westfield Bancorp. As part of the deal, Oak Street will merge with Westfield Bank’s RIA and insurance agency lending businesses.
Oak Street was founded in 2003, but it has been providing conventional non-small-business-administration loans to advisors seeking to buy or sell books of business for the past decade.
“Clients can expect combined expertise offering tailored loan solutions, competitive rates and guidance from professionals deeply familiar with the intricacies of the insurance and RIA sectors,” said Rick Dennen, founder and CEO of Indianapolis-based Oak Street, and chief corporate banking officer of First Financial Bank, in a statement. “Together, we will aim to set a new benchmark for these industries. The collective talent and experience of these two organizations help our clients thrive in these competitive markets.”
First Financial expects the conversion to take place in March 2026, consolidating Westfield’s products, processes and operating systems at that time. Oak Street and First Financial clients will not be impacted, the firms said.
Oak Street is one of several lenders that have cropped up in recent years, providing liquidity to RIA firms that historically struggled to secure loans to finance succession plans or acquisitions. Live Oak Bank and SkyView Partners provide similar services.
