First Midwest Bank, a wholly owned subsidiary of First Midwest Bancorp, has acquired certain deposits and loans of Illionis-based First DuPage Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).
The former First DuPage branch located on North Cass Avenue will re-open on October 24, 2009, under the First Midwest Bank name. First DuPage customers can continue to access their accounts as usual through ATMs, checks and debit cards. The entire network of First Midwest Bank branches and ATMs will be available to First DuPage customers following the necessary consolidation of bank operating systems.
First DuPage Bank had approximately $230m in deposits and $240m in loans at July 31, 2009. First Midwest Bank agreed to assume all of the deposits, and agreed to purchase approximately $260m in assets at a discount of $32m. FDIC retains the remaining assets for later disposition. First Midwest Bank entered into a loss-share transaction with the FDIC providing First Midwest Bank with protection from the FDIC for loan losses.
