First Midwest to Buy Peoples’ Bank in Illinois

First Midwest Bancorp in Itasca, Ill., has agreed to buy Peoples' Bank of Arlington Heights in Illinois.

The $9.9 billion-asset First Midwest did not disclose any terms of the deal.

Adding Peoples' Bank’s $108 million in assets will get First Midwest closer to the $10 billion-asset threshold where regulatory scrutiny increases. Peoples’ Bank also has two branches, $57 million in loans and $95 million in deposits.

"This acquisition continues our drive to move further into the desirable Arlington Heights and northwest suburban Chicago markets with a solid team of community bankers,” Michael Scudder, First Midwest’s president and chief executive, said in a press release Monday. “It is a great combination for us."