First Midwest Bank (FMBI) announced that it acquired certain deposits and loans of Westmont-based First DuPage Bank at the close of business today in a transaction facilitated by the Federal Deposit Insurance Corporation. First Midwest Bank is a wholly owned subsidiary of First Midwest Bancorp, Inc.
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.
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