First Midwest completes Park Bank acquisition

CHICAGO - First Midwest Bancorp, the holding company of First Midwest Bank, has completed its acquisition of Bankmanagers Corp. and its wholly owned subsidiary, Park Bank.

Founded in 1915, Park Bank is one of the largest independent commercial banks in the Milwaukee, Wisconsin market. As of December 31, 2019, Park Bank had approximately $1.1 billion of assets, $1 billion of deposits, of which 87% are core deposits, and $720 million of loans.

Dave Werner will continue as president and CEO of Park Bank and will now lead the Milwaukee and southeast Wisconsin market for First Midwest.

"We have been expanding our existing presence in southeast Wisconsin, and Park Bank significantly enhances our footprint there." said Michael L. Scudder, chairman and chief executive officer of First Midwest.

First Midwest first announced last August it would acquire Park Bank in a stock transaction valued at around $195 million.