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updated: 7/8/2014 9:08 AM

First Midwest acquires Great Lakes Bank

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ITASCA -- First Midwest Bancorp, the parent company of First Midwest Bank, said it would acquire Great Lakes Financial Resources, the holding company for Great Lakes Bank, in a stock and cash transaction valued at around $58 million.

Founded in 1896, and with more than $582 million in assets, Great Lakes Bank is based in Matteson and operates eight branches in Chicago's south suburbs. The bank has approximately $490 million in deposits, 96% of which represent core deposits, and $234 million in loans.

"We look forward to welcoming Great Lakes' customers and employees to First Midwest and to building on the long-standing relationships developed over the more than 100 years that Great Lakes has provided financial services to its clients and communities," said First Midwest President and Chief Executive Officer Michael L. Scudder.

"The acquisition of Great Lakes continues our expansion in the greater Chicagoland area and represents an excellent opportunity to build on our already extensive presence in the south suburban markets," Scudder added.

Great Lakes President and Chief Executive Officer Thomas S. Agler said the two institutions "share a deep commitment to relationship banking and high quality customer service.

"It is this shared commitment and the opportunities afforded through First Midwest's broader array of commercial, retail and wealth management products and services that will allow us to better serve our customer's growing financial needs," Agler said.

The acquisition is expected to close by the end of the year, subject to regulatory approvals, Great Lakes' stockholder approval as well as certain closing conditions.

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