First Midwest Bancorp in Chicago has agreed to buy Bankmanagers Corp. in Milwaukee.
The $17.5 billion-asset First Midwest said in a press release Wednesday that it will pay $195 million in cash and stock for the parent of the $1 billion-asset Park Bank. The deal is expected to close by January.
Park Bank, founded in 1915, has $815 million of deposits and $700 million in loans. About 85% of Park Bank’s deposits are core deposits.
David Werner, president and CEO of Park Bank, will lead the Milwaukee and southeast Wisconsin market for First Midwest. “First Midwest’s mission of helping its customers achieve financial success is aligned with our client-first approach,” said Werner. “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.”
Read more in American Banker.