First Midwest Bancorp, the parent company of First Midwest Bank, received approval from the Federal Reserve to acquire Bridgeview Bancorp and its wholly owned subsidiary, Bridgeview Bank Group.
“We are very pleased to have received Federal Reserve approval for our proposed acquisition of Bridgeview Bank Group,” said Michael L. Scudder, First Midwest chairman and CEO. “With this approval, we remain on track for an expected closing in the second quarter of 2019. We look forward to welcoming Bridgeview’s clients and colleagues to First Midwest and to continuing to expand our Chicagoland footprint.”
As of December 31, 2018, Bridgeview had approximately $1.3 billion in assets, $1 billion in deposits and $800 million in loans, excluding Bridgeview’s mortgage division, which First Midwest is not acquiring.
The transaction remains subject to approval by Bridgeview’s stockholders, regulatory approval by the Illinois Department of Financial and Professional Regulation and the satisfaction of other customary closing conditions.
First Midwest is one of the largest independent, publicly-traded bank holding companies based on assets headquartered in Chicago and the Midwest, with over $15 billion in assets and approximately $11 billion in assets under management. It provides a full range of commercial, treasury management, equipment leasing, consumer, wealth management, private banking and trust products and services through locations in metropolitan Chicago, northwest Indiana, central and western Illinois and eastern Iowa.
Bridgeview Bank is a client-focused bank committed to providing an outstanding banking experience through 13 banking locations throughout greater Chicagoland.
