First Midwest Bank, which has a large presence in the Region, is acquiring Park Bank, one of the largest independent commercial banks in Milwaukee.
Chicago-based First Midwest announced it is buying Park Bank parent company Bankmanagers Corp. for $195 million in a cash-and-stock deal, further expanding its presence in Wisconsin's largest city.
“We are extremely excited to welcome Park Bank’s customers and team members to First Midwest,” said First Midwest Chairman and CEO Michael Scudder. “Park Bank is a trusted financial institution with established and experienced bankers who understand the Milwaukee market and the business and personal needs of their customers. We look forward to building on this trust and to providing award-winning service to Park’s customers as we further expand into the attractive Milwaukee market.”
Park Bank has $1 billion of total assets, $815 million of deposits, and $700 million of loans.
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“First Midwest’s mission of helping its customers achieve financial success is aligned with our client-first approach,” Park Bank President and CEO David Werner said. “Joining First Midwest will enable us to both continue and enhance our commitment to relationship-banking as well as offer our customers a broader array of products and services. First Midwest is very familiar with the Milwaukee market, and we look forward to becoming part of the First Midwest family.”
First Midwest has been growing in Milwaukee after acquiring Northern Oak Wealth Management in January and open a loan production office there in March.
The bank, which was the successor to Hammond's Bank Calumet, has $17.5 billion in assets and branches in Dyer, St. John, Schererville, Highland, Crete, Munster, Griffith, Crown Point, Merrillville, Hammond, Gary, Lansing, Ford Heights, Chicago Heights, Tinley Park, Homewood and Frankfort.