The Federal Reserve recently approved Itasca-based First Midwest Bancorp's planned acquisition of NI Bancshares Corporation, the holding company for The National Bank & Trust Company (NB&T) based in Sycamore.
First Midwest Bancorp is the parent company of First Midwest Bank. NI Bancshares Corporation is the holding company for The National Bank & Trust Company based in Sycamore.
"We are extremely pleased to receive Federal Reserve approval for our transaction with NB&T," First Midwest President and CEO Michael Scudder said . "We are on track for an expected closing in the first quarter of 2016. We look forward to completing this transaction as it will allow us to expand our banking presence in the attractive DeKalb County and surrounding markets, as well as significantly expand our wealth management business by almost 10 percent and solidify our position as one of Illinois' leading wealth management providers."
This transaction follows First Midwest's acquisition of The Peoples' Bank of Arlington Heights, completed in December. The NB&T transaction is subject to the approval of NI Bancshares' shareholders.