First Midwest Bancorp To Acquire Northern States Financial - Quick Facts

(RTTNews) - First Midwest Bancorp, Inc. (FMBI), headquartered in Chicago, Illinois and the parent company of First Midwest Bank, said it has agreed to acquire Northern States Financial Corp. (NSFC), the holding company for NorStates Bank, based in Waukegan, Illinois.

Subject to certain adjustments, the merger deal provides for a fixed exchange ratio of 0.0369 shares of First Midwest common stock for each share of Northern States common stock.

Based upon the closing price of First Midwest's common stock on June 5, 2018 on the Nasdaq Stock Market, the overall transaction is valued at about $91.0 million.

The acquisition is subject to regulatory approvals and is presently anticipated to close in the fourth quarter of 2018.

NorStates Bank operates eight offices in Lake County, Illinois and has about $500 million in total assets, $400 million in deposits, of which 90 percent are core deposits, and $320 million in loans.

Michael Scudder, Chairman, President and Chief Executive Officer of First Midwest said, "This combination continues our expansion in the greater Chicagoland area and enhances our presence in Lake County where we have long-standing, deep roots."