First Midwest Bancorp said this week that it has entered into a definitive agreement to acquire Peoples' Bank of Arlington Heights.
“We are very pleased to announce this transaction and look forward to welcoming the customers and employees of Peoples' Bank to First Midwest," Michael Scudder, president and CEO of First Midwest, said. "This acquisition continues our drive to move further into the desirable Arlington Heights and northwest suburban Chicago markets with a solid team of community bankers. It is a great combination for us," "Similar to First Midwest, Peoples' Bank has built its business around a philosophy of close personal service and a commitment to helping families, businesses and communities succeed. We look forward to continuing that tradition."
Peoples' Bank operates two locations in Arlington Heights. The bank has approximately $95 million in deposits, of which 92 percent are core deposits, and $57 million in loans.
"We are excited to join the outstanding team at First Midwest," Frank Appleby, chairman, president and CEO of Peoples' Bank, said. "Peoples' Bank and First Midwest share a similar commitment to providing relationship banking together with excellent and responsive customer service. First Midwest's broad array of commercial, retail, wealth management, and private banking products and services also will better serve our customers going forward."