Two Midwestern banking companies, First Midwest Bancorp in Illinois and First Federal of Northern Michigan Bancorp, have completed previously announced acquisitions.
In the first deal, First Midwest, in Itasca, Ill., closed its $18.4 million acquisition of the Chicago banking operations of the Puerto Rican company Popular. The $8.3 billion-asset First Midwest acquired 12 branches of Popular Community Bank in Chicago; about $726 million in deposits and $562 million in loans; and small business and middle-market commercial lending operations.
The $36.6 billion-asset Popular sold the Chicago assets as part of an ongoing strategic restructuring that also includes the sale of branches in California and Florida, and the centralization of back office operations.
In the second deal, the $215 million-asset First Federal of Northern Michigan on Friday closed its purchase of $70 million-asset Alpena Banking. Both companies are based in Alpena, Mich. First Federal paid about $4.3 million in stock for Alpena, which operates one branch of the Bank of Alpena.
First Federal and Alpena Banking had discussed a potential merger four times over the course of seven years, according to regulatory filings. The first talks were held in 2006, but regulatory concerns repeatedly forced the companies to delay the deal.