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First Midwest Bancorp to buy NI Bancshares

Staff writer |
First Midwest Bancorp of Itasca, Ill., the parent company of First Midwest Bank, entered into a definitive agreement to acquire NI Bancshares Corporation, the holding company for The National Bank & Trust Company of Sycamore (NB&T), based in Sycamore, Ill.

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NB&T operates ten offices in DeKalb, Kane and LaSalle Counties in northern Illinois, and has approximately $680 million in total assets, $600 million in deposits, of which 89% are core deposits, and $415 million in loans. NB&T also has over $700 million in trust assets under administration.

“We are very excited to announce this transaction and look forward to welcoming the clients and employees of NB&T to First Midwest. For nearly 150 years, NB&T has held an important role in the communities it serves and has developed long-standing relationships with its clients by serving as their valued and trusted financial partner,” said Michael L. Scudder, president and chief executive officer of First Midwest.

“We are extremely pleased to join the First Midwest family,” said Michael A. Cullen, president and chief executive officer of NI Bancshares Corporation.

“NB&T and First Midwest share a similar culture as well as a shared vision and understanding of community banking, with an emphasis on responding quickly and effectively to meet client needs.”

Upon closing of the transaction, Mike Cullen will serve as regional president of DeKalb County for First Midwest.

The merger consideration will be a combination of First Midwest stock and cash, with an overall transaction value of $70 million.

The acquisition is subject to customary regulatory approvals, NI Bancshares Corporation’s stockholder approval and certain closing conditions, and is presently anticipated to close during the first quarter of 2016.

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