First Midwest Bank has secured federal approval to buy Bridgeview Bank, a Bridgeview, Illinois-based bank with 13 locations across the greater Chicago area, including several in the city.
Chicago-based First Midwest, which has an extensive footprint in Northwest Indiana, is acquiring Bridgeview for an estimated $145 million in a cash and stock deal.
“We are very pleased to have received Federal Reserve approval for our proposed acquisition of Bridgeview Bank Group, which we announced on Dec. 6, 2018,” First Midwest Chairman and CEO Michael Scudder said. “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 the end of last year, Bridgeview had about $1.3 billion in assets, $1 billion in deposits, and $800 million in loans. That does not include Bridgeview’s mortgage division, which First Midwest is not acquiring in the merger.
When the deal closes, Bridgeview shareholders will receive 0.2767 shares of First Midwest common stock and $1.79 in cash for each share of Bridgeview common stock they own.
First Midwest Bank boasts more than $15 billion in assets and $11 billion in assets under management. It operates branches in Crown Point, Dyer, East Chicago, Gary, Griffith, Hammond, Highland, Merrillville, Munster, Schererville and St. John.
It is the successor to Hammond's homegrown Bank Calumet and Standard Bank and Trust, which both had large presences in Northwest Indiana. But First Midwest has been shrinking its presence in the Region, closing branches in Lowell, Chesterton, Gary, East Chicago and Calumet City last year.