In the latest of its moves beefing up its presence in the Milwaukee market, Chicago-based First Midwest Bancorp is buying Park Bank for $195 million.
Founded in 1915, Park Bank is one of the largest independent commercial banks in Milwaukee with approximately $1 billion in assets, $815 million in deposits, of which approximately 85 percent are core deposits, and $700 million in loans.
“Park Bank is a trusted financial institution with established and experienced bankers who understand the Milwaukee market and the business and personal needs of their customers,” said Michael L. Scudder, chair and CEO of First Midwest. “We look forward to building on this trust and to providing award-winning service to Park’s customers as we further expand into the attractive Milwaukee market.”
Earlier this year, First Midwest bought Northern Oak Wealth Management in January, a registered investment adviser with approximately $850 million of assets under management. In March, First Midwest opened a loan production office in Milwaukee.
“Joining First Midwest will enable us to both continue and enhance our commitment to relationship-banking as well as offer our customers a broader array of products and services,” said David Werner, president and CEO of Park Bank, who will lead the Milwaukee and southeast Wisconsin market for First Midwest after the deal closes by the end of the year.
Sandler O’Neill + Partners, L.P. acted as exclusive financial advisor to First Midwest in this transaction, and Stephens Inc. acted as exclusive financial advisor to Bankmanagers Corp. Chapman and Cutler LLP served as transaction counsel to First Midwest, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as Bankmanagers’ transaction counsel.