First Midwest acquires National Bank & Trust of Sycamore

Marketwired

ITASCA - First Midwest Bancorp, the parent company of First Midwest Bank, said it will acquire NI Bancshares Corp., the holding company for The National Bank & Trust Company of Sycamore for approximately $70 million.

The cost of the acquisition will be done through a combination of First Midwest stock and cash, the banking group said in a release.

Based in Sycamore, NB&T operates 10 offices in DeKalb, Kane and LaSalle counties and has approximately $680 million in total assets, $600 million in deposits, of which 89 percent are core deposits, and $415 million in loans.

NB&T also has over $700 million in trust assets under administration.

"For nearly 150 years, NB&T has held an important role in the communities it serves and has developed long-standing relationships with its clients by serving as their valued and trusted financial partner," said Michael L. Scudder, President and Chief Executive Officer of First Midwest. "In addition to expanding our banking presence in the attractive DeKalb County and surrounding markets, this transaction significantly increases our wealth management business, solidifying our position as one of Illinois' leading wealth management providers."

Upon closing, expected in the first quarter of 2016, NI Bancshares President and Chief Executive Officer Mike Cullen will serve as regional president of DeKalb County for First Midwest.

"NB&T and First Midwest share a similar culture as well as a shared vision and understanding of community banking, with an emphasis on responding quickly and effectively to meet client needs," Cullen said. "We look forward to offering our clients a broader array of commercial, retail, wealth management and private banking products and services, and are confident this local partnership will benefit our stockholders, clients, employees and communities."