The plans for the acquisition were announced in November last year, when both the firms inked a definitive agreement.
NI Bancshares is the holding company for The National Bank & Trust Company of Sycamore (NB&T), which is a client-focused bank based in Sycamore, Illinois.
With $680m worth of total assets and over $700m in trust assets under administration, NB&T operates ten offices in DeKalb, Kane and LaSalle counties in Northern Illinois. It also has 600m in deposits, of which 89% are core deposits, and $415m in loans.
First Midwest Bancorp president and CEO Michael L. Scudder said: "We are extremely pleased to receive Federal Reserve approval for our transaction with NB&T, which we publicly announced on November 12, 2015.
"We are on track for an expected closing in the first quarter of 2016. We look forward to completing this transaction as it will allow us to expand our banking presence in the attractive DeKalb County and surrounding markets, as well as significantly expand our wealth management business by almost 10% and solidify our position as one of Illinois’ leading wealth management providers."
Subject to NI Bancshares’ shareholders approval and other customary closing conditions, the acquisition is expected to be completed during the first quarter of this year.
First Midwest recently closed acquisition of Peoples Bancorp and its subsidiary, The Peoples’ Bank of Arlington Heights.
Peoples’ Bank had approximately $110m in assets and its two offices will operate as branches of First Midwest.
First Midwest is a relationship-focused financial institution that provides a full range of business, middle market and retail banking as well as wealth management and private banking services through over 100 locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa.
Image: First Midwest Bancorp agreed to pay $70m for NI Bancshares. Photo: courtesy of adamr / FreeDigitalPhotos.net.
