Chicago-based First Midwest Bancorp expanded its presence in the Milwaukee area Wednesday with the acquisition of Bankmanagers Corp., the parent company of Park Bank, in a stock transaction valued at around $195 million.
Founded in 1915, Park Bank is one of the largest independent commercial banks in Milwaukee with approximately $1 billion of total assets and $815 million of deposits, First Midwest said in a statement.
The bank will become part of First Midwest, with Park Bank President and CEO David Werner in charge of the Milwaukee and southeast Wisconsin market.
"Park Bank is a trusted financial institution with established and experienced bankers who understand the Milwaukee market and the business and personal needs of their customers," said Michael L. Scudder, chairman and CEO of First Midwest. "We look forward to building on this trust and to providing award-winning service to Park's customers as we further expand into the attractive Milwaukee market."
The Park Bank acquisition is the recent of several moves First Midwest has made this year to establish a presence in the southern Wisconsin area. The bank opened a loan production office in Milwaukee last March to serve commercial real estate and customers. In January, First Midwest acquired Northern Oak Wealth Management, a registered investment adviser with approximately $850 million of assets under management.
The sale is expected to close in January 2020, officials said.