First Midwest Bancorp, Inc. Acquires Bankmanagers Corp.
The Barack Ferrazzano Financial Institutions Group acted as legal counsel to Bankmanagers Corp. and its wholly owned subsidiary, Park Bank, in connection with its acquisition by First Midwest Bancorp, Inc. (“First Midwest”) (Nasdaq: FMBI). The transaction will expand First Midwest Bank into the Milwaukee and southeast Wisconsin region.
One of the largest independent commercial banks in Milwaukee, Park Bank has approximately $1 billion of total assets, $815 million of deposits, of which approximately 85% are core deposits, and $700 million of loans. Leading the expanded market for First Midwest, Park Bank president and CEO David Werner stated, "Joining First Midwest will enable us to both continue and enhance our commitment to relationship-banking as well as offer our customers a broader array of products and services."
The merger agreement provides for a fixed exchange ratio of 29.9675 shares of First Midwest common stock, plus $623.02 in cash for each share of Bankmanagers Corp. common stock, with an overall transaction value of approximately $195 million, subject to certain adjustments. Subject to customary regulatory approvals, the approval of Bankmanagers’ shareholders and the completion of various closing conditions, the transaction is expected to close by January 2020.
Barack Ferrazzano’s team was led by John E. Freechack, Abdul R. Mitha, Katherine Fritzi Getz, and Neil R. Patel. Executive compensation and benefits were handled by Donald L. Norman, Jr. and Andrew J. Gordon. Tax matters were handled by Michael J. Towne, Alice Lin, and Megan E. Toal.
To learn more about this transaction, visit: https://www.globenewswire.com/news-release/2019/08/28/1907790/0/en/First-Midwest-Expanding-In-Milwaukee.html
About Park Bank
Founded in 1915, Park Bank is a wholly owned subsidiary of Bankmanagers Corp., and is one of the largest privately owned commercial banks headquartered in the Milwaukee region. Park Banks' primary focus centers on supporting the success of midmarket businesses in southeastern Wisconsin, ranking first in the state of Wisconsin and seventh in the country for largest commercial and industrial loan portfolios among commercial banks (as reported by American Banker).
To learn more about Park Bank, visit: https://www.parkbankonline.com/about/