Fed approves First Midwest acquisition of Bridgeview Bank

CHICAGO - The Federal Reserve has given its approval of First Midwest Bancorp's acquisition of Bridgeview Bancorp and its wholly owned subsidiary, Bridgeview Bank Group.

The parent company of First Midwest Bank announced it would acquire Bridgeview Bank last Dec. 6. The Bridgeview-based company operates 13 banking offices in Chicago and the suburbs, including branches in the Bryn Mawr, Edgewater, Garfield Ridge, Lincoln Park, Lincoln Square and Uptown neighborhoods of Chicago, as well as several suburbs.

First Midwest Chairman and Chief Executive Officer Michael L. Scudder said the Fed's approval puts the acquisition on track to close in the second quarter of 2019.

"We look forward to welcoming Bridgeview's clients and colleagues to First Midwest and to continuing to expand our Chicagoland footprint," he said.

The transaction still is subject to approval by Bridgeview's stockholders, regulatory approval by the Illinois Department of Financial and Professional Regulation and other closing conditions.