First Midwest Bancorp, the parent company of First Midwest Bank, has received approval from the Federal Reserve to acquire Northern States Financial and its wholly owned subsidiary, NorStates Bank.
Image: First Midwest Bancorp has secured Federal Reserve approval to acquire Northern States Financial. Photo: courtesy of rawpixel / Unsplash.
First Midwest president and CEO Michael Scudder said: “We are pleased to have received Federal Reserve approval for our proposed acquisition of NorStates Bank, which we publicly announced on June 7, 2018.
“With this approval, we remain on track for an expected closing in the fourth quarter of 2018. We look forward to welcoming NorStates’ customers and colleagues to First Midwest and to continuing the expansion of our northern Chicagoland footprint.”
As of June 30, 2018, Northern States had approximately $530 million of total assets, $450 million of total deposits and $310 million of total loans.
The transaction remains subject to approval by Northern States’ stockholders, regulatory approval by the Illinois Department of Financial and Professional Regulation and the satisfaction of other customary closing conditions.
First Midwest is a relationship-focused financial institution and one of the largest independent publicly-traded bank holding companies based on assets headquartered in Chicago and the Midwest, with approximately $15 billion of assets and $11 billion of trust assets under management.
First Midwest’s principal subsidiary, First Midwest Bank, and other affiliates provide a full range of commercial, treasury management, equipment leasing, retail, wealth management, trust and private banking products and services through locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa.
NorStates Bank is a wholly-owned subsidiary of Northern States Financial Corporation (“Northern States”) and maintains its principal executive offices in Waukegan, Illinois. NorStates Bank is a client-focused bank committed to providing quality financial services with a personal touch through a complete line of loan, deposit and cash management services.
Source: Company Press Release