First Midwest Bank, a wholly owned subsidiary of First Midwest Bancorp Inc. (FMBI), said that it has acquired certain deposits and loans of Westmont-based First DuPage Bank at the close of business today in a transaction facilitated by the FDIC.
The former First DuPage branch located on North Cass Avenue will re-open on Saturday, October 24, under the First Midwest Bank name with normal branch hours.
First Midwest Bank was selected to complete this transaction through a competitive bidding process.
First DuPage Bank had approximately $230 million in deposits and $240 million in loans at July 31, 2009. First Midwest Bank agreed to assume all of the deposits, and agreed to purchase approximately $260 million in assets at a discount of $32 million. The FDIC retains the remaining assets for later disposition.
First Midwest Bank entered into a loss-share transaction with the FDIC providing First Midwest Bank with protection from the FDIC for loan losses.
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