FIG Has Now Completed 103 M&A Transactions Totaling
$6.1 Billion In Transaction Value
ATLANTA, June 7, 2018 — First Midwest Bancorp, Inc. (NASDAQ:FMBI), has announced a definitive agreement to acquire Northern States Financial Corporation (OTCPINK:NSFC).
NorStates Bank operates eight offices in Lake County, Illinois. The bank has approximately $500 million in total assets, $400 million in deposits, of which 90% are core deposits, and $320 million in loans.“We are extremely pleased to partner with First Midwest,” said Scott M. Yelvington, President and Chief Executive Officer of Northern States. “Like First Midwest, we have a strong commitment to relationship banking, personalized customer service and involvement in the communities we serve. We greatly look forward to offering our customers the broader array of financial products and services that First Midwest provides.”
The agreement provides for a fixed exchange ratio of 0.0369 shares of First Midwest common stock for each share of Northern States common stock. Based upon the closing price of First Midwest’s common stock on June 5, 2018, the transaction is valued at approximately $91 million. The acquisition is expected to close in the fourth quarter of 2018.
The FIG team included Greg Gersack, Co-Head of Investment Banking; Paul O’Connor, Principal; and Jason Werner, Vice President.
More information is available here.
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