First American Bank in Elk Grove Village, Ill., has agreed to acquire Southport Financial in Kenosha, Wis.
The $3.8 billion-asset First American will pay an undisclosed amount of cash for the $295 million-asset Southport. The deal is expected to close early next year.
“We’re excited to bring the quality local delivery capabilities of Southport into our organization, thereby enhancing our service to our existing Wisconsin clientele," Thomas Wells, First American’s CEO, said in a Tuesday press release.
"Additionally, we look forward to bringing expanded deposit and loan products to Southport’s team, which will continue to be led by Russ Weyers, as we expand further into Wisconsin’s vibrant privately held small business and residential communities,” Wells added.
FIG Partners advised Southport.