Illinois-based First Midwest Bancorp, the parent of First Midwest Bank, has closed the acquisition of local rival NI Bancshares and The National Bank & Trust Company (NB&T) of Sycamore.

At closing, NB&T managed nearly $665m in total assets and an additional $700m in trust assets under administration.

First Midwest said that it has become the fifth largest financial institution and third largest wealth management provider in Illinois with the acquisition of NB&T.

The two companies agreed to the $70m deal in November 2015.

Upon completion of the acquisition, NB&T’s 10 offices in DeKalb, Kane and LaSalle counties in northern Illinois have become branches of First Midwest Bank, while NB&T president Michael Cullen has been appointed as a regional president of First Midwest.

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First Midwest president and CEO Michael Scudder said: "We share NB&T’s long-standing dedication to helping businesses, families, individuals and communities succeed.

"Close personal service and serving as our clients’ most trusted financial partner are hallmarks of both of our organizations. Together, we look forward to adding further value and opportunities to our clients through an even broader offering of financial services and innovative solutions."