Chicago, (World NEWSWIRE) — First Midwest Bancorp, Inc. (“First Midwest”) today established so it has registered for the a decisive agreement to help you and acquire Bridgeview Bancorp, Inc. (“Bridgeview”), the fresh new carrying team getting Bridgeview Lender Classification.
Bridgeview has actually just as much as $1.dos mil overall assets, $1.step one mil inside the deposits, where nearly 75% try core dumps, and $800 million when you https://cashlandloans.net/payday-loans-sd/ look at the money (pro forma by excluding Bridgeview’s financial department, hence Earliest Midwest isn’t obtaining). It operates thirteen financial offices across the deeper Chicagoland, along with branches throughout the Bryn Mawr, Edgewater, Garfield Ridge, Lincoln Playground, Lincoln Square and you can Uptown areas of il, as well as multiple suburbs.
Bridgeview Bank’s site was
“The audience is extremely delighted so you can desired Bridgeview Financial clients and you may associates so you’re able to Very first Midwest,” told you Michael L. Scudder, Chairman, Chairman and President off Earliest Midwest. “Bridgeview is actually a well-centered and you may top financial institution with strong consumer and you will community matchmaking, hence we anticipate persisted. Joining forces which have Bridgeview brings to all in our readers a keen prolonged impact round the il and further improves our very own reputation while the location Chicago’s premier commercial lender.”
“First Midwest has established significant momentum usually due to its sector-top commitment to relationship-built banking and getting several banking factors and you can services. I really anticipate signing up for them,” said Peter J. Haleas, President of Bridgeview. “The readers will continue to have the extremely personalized solution it attended to anticipate from Bridgeview Financial, today towards added advantageous asset of a wider range of products and you will characteristics alongside larger scale.”
The new merger contract offers a predetermined change proportion regarding 0.2767 shares out of First Midwest preferred stock, along with $step one.79 for the bucks for each express out-of Bridgeview prominent inventory, that have an overall total exchange worth of around $145 billion, susceptible to certain adjustments.
The transaction are susceptible to classic regulatory approvals, the newest recognition regarding Bridgeview’s stockholders and the conclusion of various closing criteria, in fact it is anticipated to close in next quarter away from 2019.
First Midwest (NASDAQ: FMBI) is a relationship-focused financial institution and one of the largest independent publicly-traded bank holding companies based on assets headquartered in Chicago and the Midwest, with over $15 billion of assets and $11 billion of trust assets under management. First Midwest’s principal subsidiary, First Midwest Bank, and other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services through locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa. Visit First Midwest at firstmidwest.
and maintains its principal executive offices in Bridgeview, Illinois. Bridgeview Bank is a client-focused bank committed to providing an outstanding banking experience for all of its personal and business banking clients. It provides this experience through 13 banking locations throughout greater Chicagoland. bridgeviewbank.
This pr release, including people oral statements from or on part of Very first Midwest, will get include particular “forward-looking comments” in concept of the personal Ties Litigation Reform Operate off 1995. Forward-lookin comments are the individuals relating to Very first Midwest’s advised purchase of Bridgeview, such as the costs and you can benefits related therewith and timing thereof. In some instances, forward-lookin comments will likely be acknowledged by employing terminology such due to the fact “get,” “you’ll,” “have a tendency to,” “do,” “is to,” “you will,” “expect,” “package,” “intend,” “welcome,” “trust,” “guess,” “mind-set,” “assume,” “project,” “likely,” “prospective,” “you can,” “address,” “keep,” “expect,” otherwise “assume” and words from similar import. Forward-appearing statements are not historic issues otherwise guarantees out-of coming abilities otherwise consequences, but instead show only management’s values out of upcoming performance otherwise incidents, some of which, by their characteristics, are inherently undecided and you may beyond management’s control. You are able that actual results and events may differ, maybe materially, in the envisioned efficiency otherwise incidents conveyed during these pass-lookin comments. Earliest Midwest cautions your not to lay unnecessary dependence on this type of statements. Forward-appearing statements are built simply at the time of the newest day associated with the launch, and Very first Midwest undertakes no responsibility to help you change one give-searching statements in order to reflect the newest pointers otherwise occurrences or conditions once the fresh time hereof.
Forward-appearing statements is susceptible to specific threats, concerns and presumptions, plus, not restricted to: requested synergies, savings or any other financial or any other benefits of brand new suggested purchase anywhere between First Midwest and you can Bridgeview might not be realized within this the latest questioned timeframes or was below projected, brand new required shareholder and you will regulating approvals into the proposed deal might never be acquired otherwise may possibly not be acquired from inside the a quick fashion, credit and you may interest rate threats for the Very first Midwest’s and you can Bridgeview’s particular businesses, customers borrowing from the bank, cost, investment and you may deposit methods, and you will standard economic climates, possibly around the world or in the market industry parts in which Basic Midwest and you may Bridgeview perform or allowed working, may be smaller positive than simply requested, the brand new regulating otherwise legal conditions otherwise financial obligation, and other threats, uncertainties and you will assumptions recognized in areas named “Risk Things” and you will “Management’s Dialogue and Analysis of Economic Standing and Results of Functions” from inside the Very first Midwest’s yearly summary of Means 10-K towards the season finished , as well as subsequent filings made with the fresh new Bonds and you can Change Fee (the fresh new “SEC”). But not, these types of dangers and you can uncertainties are not exhaustive. Most other areas of instance accounts explain other factors that may adversely perception Basic Midwest’s team, financial overall performance and you will pending otherwise consummated buy deals, for instance the proposed acquisition of Bridgeview.
Bridgeview Bank is a completely had part out of Bridgeview Bancorp, Inc
All the details contained here will not form an offer to offer otherwise an effective solicitation off an offer to find one securities or a great solicitation of every vote or approval. To the the brand new suggested merger out-of First Midwest and you can Bridgeview, Very first Midwest usually file a subscription statement on the Function S-cuatro on SEC. The fresh new registration declaration should include a proxy statement off Bridgeview, that can often make-up a prospectus off First Midwest, that’s taken to Bridgeview’s stockholders. Buyers and you may stockholders should read the subscription statement and you may proxy statement/prospectus if this will get readily available because it will consist of information on the First Midwest, Bridgeview in addition to suggested exchange. When filed, it document or any other data concerning the exchange submitted from the Very first Midwest can be obtained no-cost in the SEC’s web site during the . These files may also be obtained no-cost of the opening Very first Midwest’s webpages within firstmidwest in loss “Buyer Relations” and around “SEC Filings.” As an alternative, this type of data files can be obtained complimentary out-of Basic Midwest up on composed demand in order to First Midwest Bancorp, Inc., Attn: Corporate Secretary, 8750 West Bryn Mawr Opportunity, Package 1300, Chi town, Illinois 60631 otherwise of the getting in touch with (708) 831-7483, or regarding Bridgeview abreast of created consult so you can Bridgeview Bancorp, Inc., Attn: William Conaghan, Chairman and you will President, 4753 Northern Broadway, Chi town, Illinois 60640 otherwise by contacting (773) 989-5728.