Federal Savings Bank in Chicago has agreed to buy Baytree National Bank & Trust in Lake Forest, Ill.
The $209 million-asset Federal Savings did not disclose the price it would pay for the $90 million-asset Baytree. The deal is expected to close in the first quarter.
The acquisition "fits perfectly into our strategic plan of continuing to provide true community banking and superior service to our North Shore customers," Steve Calk, Federal Savings' chairman and chief executive, said in a press release Monday. "We are thrilled to work with a bank that has established deep roots in the community and has extremely well respected, expert bankers."
Federal Savings plans to hire about 50 employees as a result of the acquisition and continued expansion.