Rosemont-based Wintrust Financial Corp. announced it will acquire First Lansing Bancorp Inc., the parent company of First National Bank of Illinois, for about $38.5 million.
Established in 1945, FNBI is headquartered in Lansing and operates seven banks in the South and Southwest suburbs and one in Northwest Indiana.
"This transaction provides a terrific opportunity to expand our presence in the southern part of our market area," said Wintrust President and CEO Edward J. Wehmer. "First National Bank has established a great community bank franchise and we look forward to continuing to build that franchise and providing its local communities with an expanded array of products and services."
FNBI, with a history going back nearly 70 years, has about $370 million in assets and $325 million in deposits as of Dec. 31.
"We felt that now is the right time to expand our commitment by partnering with Wintrust, a substantial regional bank who shares our passion and expands our capacity to serve our communities," said Christopher M. Morrow, FNBI chairman.
According to Wintrust, outstanding shares of First Lansing Bancorp common stock will be converted into the right to receive merger consideration paid in a combination of about 40 percent cash and 60 percent shares of Wintrust common stock. The transaction is expected to close early in the second quarter of 2013 and is not expected to have a material effect on Wintrust's 2013 earnings per share, the bank said.