First Midwest acquires Peoples' Bank of Arlington Heights

Itasca-based First Midwest Bancorp, the parent company of First Midwest Bank, announced it will acquire The Peoples' Bank of Arlington Heights for an undisclosed sum.

Peoples' Bank, which operates two offices in Arlington Heights, has approximately $95 million in deposits, of which 92 percent are core deposits, and $57 million in loans.

"This acquisition continues our drive to move further into the desirable Arlington Heights and northwest suburban Chicago markets with a solid team of community bankers," said Michael L. Scudder, president and CEO of First Midwest. "Similar to First Midwest, Peoples' Bank has built its business around a philosophy of close personal service and a commitment to helping families, businesses and communities succeed. We look forward to continuing that tradition."

Peoples' Bank President and CEO Frank Appleby added the two institutions "share a similar commitment to providing relationship banking together with excellent and responsive customer service."

"Peoples' Bank and First Midwest First Midwest's broad array of commercial, retail, wealth management and private banking products and services also will better serve our customers going forward," Appleby said.