First Midwest Bancorp in Itasca, Ill., has agreed to buy NI Bancshares in Sycamore, Ill.
The $9.9 billion-asset First Midwest said in a press release Thursday that it will pay $70 million in cash and stock for the $680 million-asset parent of National Bank & Trust Co. of Sycamore. The deal is expected to close in the first quarter.
NI Bancshares has 10 branches, $534 million in core deposits and $415 million in loans. Its bank also has more than $700 million in trust assets under administration.
"In addition to expanding our banking presence in the attractive DeKalb County and surrounding markets, this transaction significantly increases our wealth management business, solidifying our position as one of Illinois' leading wealth management providers," Michael Scudder, First Midwest's president and chief executive, said in the release.