First Midwest Bancorp, the parent company of First Midwest Bank, has agreed to acquire Northern States Financial, the holding company for Illinois-based NorStates Bank, in a transaction valued at $91m.
NorStates Bank manages eight offices in Lake County, Illinois and has about $500m as total assets, $400m as deposits, and $320m in loans. Of the $400m deposits, 90% are core assets.
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For each share of Northern States common stock, its shareholders will receive a fixed exchange ratio of 0.0369 shares of First Midwest common stock, subject to certain adjustments.
Commenting on the deal, First Midwest chairman, president and CEO Michael Scudder said: “We are very excited to welcome NorStates Bank to First Midwest and build on the strong relationships that NorStates has with its customers.
“This combination continues our expansion in the greater Chicagoland area and enhances our presence in Lake County where we have long-standing, deep roots.”
Subject to regulatory and Northern States’ stockholders approvals and customary closing conditions, the transaction is expected to conclude during the fourth quarter of this year.
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By GlobalDataHeadquartered in the Midwest, First Midwest has more than $14bn in assets and $11bn in trust assets under management. First Midwest Bank offers commercial, retail, wealth management, trust and private banking products, treasury management, equipment leasing services.
