First American Bank to acquire PNA Bank
Elk Grove Village-based First American Bank said it has signed an agreement to acquire PNA Bank.
Terms of the transaction were not announced.
First American Bank and PNA Bank anticipate prompt regulatory and court approvals. Upon completion of the transaction, First American Bank will add PNA's two branches in Niles and Chicago to its 49 branch network located throughout the Chicago metropolitan area.
First American is a privately owned $2.8 billion asset bank headquartered in Elk Grove Village. PNA Bank has $122 million in assets.
"We are pleased about our planned acquisition given the strategic fit of our bank and PNA Bank," said Tom Wells, chairman of First American Bank. "We value highly the long-standing customer relationships PNA Bank has built over the years. First American Bank will work to build on those relationships with outstanding service and an enhanced offering of financial services."
PNA Bank chairman Frank Spula said the time was right to be acquired by a larger financial institution.
"By merging with a much larger bank, our customers will immediately gain access to products and services that PNA Bank, as a small bank, could not offer," Spula said. "First American Bank will have 51 branch locations and 112 ATMs after the merger making banking much more convenient for PNA Bank's long time customers.
"Additional innovative services will also become available to PNA Bank's customers, such as mobile banking," Spula added.
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