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First Midwest Bank closes on acquisition of Bridgeview Bank

First Midwest Bankcorp personal banker Alicia Pantoja, first row, second from left, applauds along with president and CEO Michael Scudder, center, and other bank employees as they help open the Nasdaq market in 2013.

First Midwest Bank has completed its $145 million acquisition of Bridgeview Bank, which had $1.1 billion in assets and 13 Chicago area branches.

“We are very excited to welcome Bridgeview Bank clients and colleagues to First Midwest,” said Michael Scudder, First Midwest chairman and CEO. “We look forward to building upon the legacy of exceptional client service and community engagement that Bridgeview Bank has personified over these many years. We are equally excited to bring to our newest clients a broader array of products and online capabilities, as well as access to one of Chicagoland’s largest branch networks.”

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Chicago-based First Midwest, which has an extensive footprint across Northwest Indiana, added $755 million in loans and $1 billion in deposits after the completion of the cash and stock deal that was first announced in December. It's now converted all Bridgeview Bank branches to the First Midwest brand.

A successor to Hammond's homegrown Bank Calumet and Standard Bank and Trust, First Midwest has branches in Crown Point, Dyer, East Chicago, Gary, Griffith, Hammond, Highland, Merrillville, Munster, Schererville and St. John, as well as in southeast Wisconsin, downstate Illinois, eastern Iowa and across the Chicago area. The bank has $17 billion worth of assets and $12 billion of assets under management, making it one of the largest publicly trading banks headquartered in the city.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.