First Midwest Bancorp (FMBI) in Itasca, Ill., has agreed to buy Great Lakes Financial Resources (GLFL) in Matteson, Ill.

The $8.3 billion-asset First Midwest will pay about $58 million in cash and stock for the $575 million-asset parent of Great Lakes Bank. The deal, which values Great Lakes at 132% of tangible book value, is expected to close in the fourth quarter.

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