First Midwest gets Fed approval to acquire NI Bancshares

ITASCA - First Midwest Bancorp, parent company of First Midwest Bank, has received Federal Reserve approval to acquire NI Bancshares Corp., the holding company for The National Bank & Trust Company of Sycamore.

Based in Sycamore, NB&T operates ten offices in DeKalb, Kane and LaSalle counties and has approximately $680 million in total assets and over $700 million in trust assets under administration.

"We are extremely pleased to receive Federal Reserve approval for our transaction with NB&T, which we publicly announced on November 12, 2015," said Michael L. Scudder, president and chief executive officer of First Midwest. "We are on track for an expected closing in the first quarter of 2016.

First Midwest announced plans to acquire NB&T last November. The action follows First Midwest's acquisition of The Peoples' Bank of Arlington Heights, which was finalized Dec. 7, 2015.

The NB&T transaction remains subject to the approval of NI Bancshares' shareholders and the satisfaction of other customary closing conditions.

"We look forward to completing this transaction as it will allow us to expand our banking presence in the attractive DeKalb County and surrounding markets, as well as significantly expand our wealth management business by almost 10% and solidify our position as one of Illinois' leading wealth management providers," Scudder said.