First Midwest Bancorp To Buy Great Lakes Financial In $58 Mln In Cash,stock Deal

(RTTNews) - First Midwest Bancorp, Inc. (FMBI), the parent company of First Midwest Bank, announced that it agreed to acquire south suburban Chicago-based Great Lakes Financial Resources, Inc.(GLFL.OB), the holding company for Great Lakes Bank, National Association.

The merger consideration will be a combination of First Midwest stock and cash, with an overall transaction value of approximately $58 million, subject to certain adjustments based on the stock price of First Midwest prior to the closing.

The acquisition is subject to customary regulatory approvals, Great Lakes' stockholder approval as well as certain closing conditions, and is presently anticipated to close by the end of 2014.

Founded in 1896, and with more than $582 million in assets, Great Lakes Bank operates eight branches in Chicago's south suburbs. The bank has approximately $490 million in deposits, 96% of which represent core deposits, and $234 million in loans.