First Midwest Bancorp (FMBI) Approved by Fed to Acquire Standard Bank and Trust Company
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First Midwest Bancorp, Inc. (Nasdaq: FMBI), headquartered in Itasca, Illinois and the parent company of First Midwest Bank, announced that it has received approval from the Federal Reserve to acquire Standard Bancshares, Inc. and its wholly-owned subsidiary, Standard Bank and Trust Company (“Standard Bank”) based in Hickory Hills, Illinois.
“We are extremely pleased to have received Federal Reserve approval for our transaction with Standard Bank, which we publicly announced on June 28, 2016,” said Michael L. Scudder, President and Chief Executive Officer of First Midwest. “We continue to progress towards an expected closing in either late 2016 or early 2017, and we look forward to having Standard Bank’s experienced team of bankers join us. This combination further positions us as metro Chicago’s premier commercial bank, strengthens our leading south metro market presence and continues our expansion into northwest Indiana.”
As of September 30, 2016, Standard Bancshares had total assets of $2.4 billion, $2.1 billion in deposits and $1.8 billion in loans.
This transaction remains subject to approval by the stockholders of First Midwest and shareholders of Standard Bancshares and the satisfaction of other customary closing conditions.
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