Market Overview

First Midwest Bank to Acquire Suburban Chicago Deposits From Old National Bank

First Midwest Bank today announced that it will purchase the suburban Chicago deposits of Old National Bank, who had recently acquired these deposits as a part of their FDIC assisted purchase of Integra Bank. First Midwest has entered into a purchase agreement with Old National Bank whereby it will acquire all of the deposits currently serviced through branch locations in Bridgeview, Mokena, and Plainfield, Illinois.

As a part of the transaction, First Midwest has also agreed to purchase only the existing facility at 2320 S. Rt. 59, Plainfield, Illinois. No loans will be acquired pursuant to the transaction.

This transaction involves approximately $185 million in deposits, 50% of which represented core transactional deposits as of June 30, 2011. The transaction is expected to close in early December 2011 subject to regulatory approval, with final purchase terms dependent upon deposits existent as of the closing date.

First Midwest Bank is awholly owned subsidiary of Itasca-based First Midwest Bancorp, Inc. (NASDAQ: FMBI).

Posted-In: News M&A

 

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