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First Midwest Receives Federal Reserve Approval for Acquisition of Bridgeview Bancorp
Friday 15 March 2019

15 March 2019 - US-based First Midwest Bancorp, Inc., the parent company of First Midwest Bank, has received approval from the Federal Reserve to acquire Bridgeview Bancorp, Inc. and its wholly owned subsidiary, Bridgeview Bank Group, the company said.

This deal was announced last December.

The merger agreement provides for a fixed exchange ratio of 0.2767 shares of First Midwest common stock, plus USD 1.79 in cash for each share of Bridgeview common stock, with an overall transaction value of approximately USD 145m, subject to certain adjustments.

As of December 31, 2018, Bridgeview had approximately USD 1.3bn of assets, USD 1bn of deposits, and USD 800m of 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 (NASDAQ: FMBI) is a relationship-focused financial institution and one of the largest independent publicly-traded bank holding companies based on assets headquartered in Chicago and the Midwest, with over USD 15bn in assets and approximately USD 11bn in assets under management.

First Midwest's principal subsidiary, First Midwest Bank, and other affiliates provide 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 wholly owned subsidiary of Bridgeview and maintains its principal executive offices in Bridgeview, Illinois.

Bridgeview Bank provides this experience through 13 banking locations throughout greater Chicagoland.
Date Published: 15/03/2019
Target: Bridgeview Bancorp
Country: USA
Deal Size: 145m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Buyer: First Midwest Bancorp