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First Midwest Bancorp completes Great Lakes Bank acquisition

First Midwest Bank’s parent company First Midwest Bancorp has completed the acquisition of Great Lakes Financial Resources and its subsidiary, Great Lakes Bank.

As part of the deal, the company acquired Great Lakes Bank’s $570m in assets, including $230m in loans, and $470m in deposits.

First Midwest president and chief executive officer Michael Scudder said: "We look forward to providing the customers of Great Lakes Bank the wide array of financial services and innovative solutions we provide to all First Midwest clients.

"We also welcome the Great Lakes colleagues who join the First Midwest Bank team, as they continue to embrace our collective vision to assist in the financial success of the communities, businesses and families that we serve."

According to First Midwest, the acquisition is set to bolster the company’s ability to service its clients through a broader and growing network of full-service locations.

The acquisition is said to be consistent with the company’s desire to expand its presence in the metro Chicago and surrounding markets.

With assets of about $9.6bn, First Midwest is the relationship-based financial institution in the Chicago banking market and is Illinois’ largest independent bank holding companies.