First Midwest Bancorp Inc. plans to buy Great Lakes Financial Resources Inc. for $58 million in stock and cash.
Great Lakes Financial owns Blue Island-based Great Lakes Bank, which has eight branches in Chicago’s south suburbs. Great Lakes Bank was founded in 1896 and has $582 million in assets. It made $761,000 in the first quarter of 2014.
“The acquisition of Great Lakes continues our expansion in the greater Chicagoland area and represents an excellent opportunity to build on our already extensive presence in the south suburban markets,” First Midwest Bancorp CEO Mike Scudder said in a statement.
The deal is expected to close by year end.
Itasca-based First Midwest Bancorp is the parent of First Midwest Bank, which got the highest service score in J.D. Power’s latest U.S. retail banking satisfaction study in the Midwest.
First Midwest has $8.3 billion in assets and about 90 branches in the Chicago area, northwest Indiana, central and western Illinois and eastern Iowa.