First Community Financial Partners has signed definitive agreements with Burr Ridge Bank and Trust, First Community Bank of Homer Glen & Lockport, First Community Bank of Plainfield, and First Community Bank of Joliet, to merge the four banks, into a consolidated organization to be named as First Community Financial Bank.
Upon completion of the integration of the banks, following the receipt of bank regulatory approval, SEC approval, all the four banks will operate under a single charter, the bank said.
All the four banks will retain their local community bank identity, after the completion of the merger expected to close in the first quarter of 2013.
The combined banking entity will equipped with great resources, coupled with a wide range of banking products and services to meet the diversified needs of the consumers, claims First Community Financial Bank.
First Community Financial Partners chairman of the board George Barr said the merger plan represents the next stage in First Community Financial Partners’ evolution as a dynamic financial institution.
"By taking this step we will be better positioned to pursue our mission of providing superior, community-based financial services," Barr added.
First Community Financial Partners will acquire all outstanding shares of common stock of the non-wholly owned bank subsidiaries including Burr Ridge Bank and Trust, First Community Bank of Homer Glen & Lockport, First Community Bank of Plainfield, which it does not currently own.
As part of the transaction, almost 4,000,500 new shares of First Community Financial Partners common stock will be issued, while restricted stock units will be issued in exchange for all outstanding options to acquire shares of common stock of each of the non-wholly owned bank subsidiaries.
Stifel Nicolaus Weisel offered as financial advice to First Community Financial Partners and Schiff Hardin served as its legal adviser.
Monroe Securities, worked as financial adviser to the non-wholly owned banking subsidiaries and Vedder Price provided legal advice.