First Community Financial Partners (FCMP) has agreed to merge its three subsidiaries, including Burr Ridge Bank and Trust, First Community Bank of Homer Glen/Lockport and First Community Bank of Plainfield.

Merger of the non-wholly owned banking subsidiaries will be effective from 12 March, following shareholders’ approval.

The definitive agreement, which was originally inked on 27 August 2012, will enable the consolidated company to deal with evolving challenges by offering improved services and products.

First Community Financial Partners CEO Roy Thygesen said that the integration will enable the bank to more effectively compete in a changing and more regulated banking environment without compromising its commitment to community banking.

First Community Financial Bank, the combined entity, will trade as a wholly owned banking subsidiary of FCMP with combined assets nearing $1bn.