Federal Reserve OKs First Midwest acquisition of Standard Bank and Trust

ITASCA - First Midwest Bancorp, the parent company of First Midwest Bank, has received approval from the Federal Reserve to acquire Standard Bancshares Inc. and its wholly-owned subsidiary, Standard Bank and Trust Company based in Hickory Hills.

The transaction remains subject to approval by the stockholders of First Midwest and shareholders of Standard Bancshares and the satisfaction of other customary closing conditions.

"We continue to progress toward an expected closing in either late 2016 or early 2017, and we look forward to having Standard Bank's experienced team of bankers join us," said Michael L. Scudder, President and Chief Executive Officer of First Midwest. "This combination further positions us as metro Chicago's premier commercial bank, strengthens our leading south metro market presence and continues our expansion into northwest Indiana."

As of Sept. 30, Standard Bancshares had total assets of $2.4 billion, $2.1 billion in deposits and $1.8 billion in loans.