Heartland Bancorp in Bloomington, Ill., has agreed to buy National Bancorp in Schaumburg, Ill., Crain's Chicago Business reported.
The $2.5 billion-asset Heartland will pay cash for the $499 million-asset National Bancorp, Crain's said, citing Heartland's chief financial officer, Diane Lanier. Other financial details were not disclosed.
National Bancorp operates seven branches under the name American Midwest Bank in the Chicago area, including the towns of DeKalb, St. Charles and Sycamore. The deal would give Heartland its first branches in those cities.
Heartland runs 58 Heartland Bank & Trust branches, mostly in central Illinois. With the National Bancorp acquisition, Heartland would become the second-largest privately owned bank in Illinois, after the $3.5 billion-asset First American Bank in Elk Grove Village, Crain's said.
National Bancorp had reached an agreement last year to sell itself to Auto Club Group in Dearborn, Mich., one of several dozen AAA clubs nationwide. However, the deal later fell through, according to Crain's.