First Midwest Bancorp entered into a definitive agreement to acquire Bridgeview Bancorp and its subsidiary, Bridgeview Bank Group, in a transaction valued at approximately $145 million.
Bridgeview has approximately $1.2 billion in total assets, $1.1 billion in deposits, of which nearly 75% are core deposits, and $800 million in loans. It operates 13 banking offices across greater Chicagoland, including branches in the Bryn Mawr, Edgewater, Garfield Ridge, Lincoln Park, Lincoln Square and Uptown neighborhoods of Chicago, as well as several suburbs.
“We are very excited to welcome Bridgeview Bank clients and colleagues to First Midwest,” said Michael L. Scudder, chairman, president and CEO of First Midwest. “Bridgeview is a well-established and trusted financial institution with deep client and community relationships, which we look forward to continuing. Joining forces with Bridgeview brings to all of our clients an expanded footprint across Chicago and further enhances our position as metro Chicago’s premier commercial bank.”
“First Midwest has created significant momentum over the years because of its market-leading commitment to relationship-based banking and to providing a wide array of banking products and services. We very much look forward to joining them,” said Peter J. Haleas, Bridgeview chairman. “Our clients will continue to have the highly personalized service they have come to expect from Bridgeview Bank, now with the added benefit of a broader range of products and services combined with larger scale.”
The merger agreement provides for a fixed exchange ratio of 0.2767 shares of First Midwest common stock, plus $1.79 in cash for each share of Bridgeview common stock.
The transaction is subject to customary regulatory approvals, the approval of Bridgeview’s stockholders and the completion of various closing conditions. Closing is anticipated for the second quarter of 2019.
Headquartered in Chicago, First Midwest has over $15 billion in assets and $11 billion in trust assets under management. It provides a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services through locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa.