First Midwest Bancorp has signed a definitive agreement to acquire Bankmanagers Corp and its subsidiary Park Bank for nearly $195m.

Under the terms of the agreement, each Bankmanagers common stock share will be traded for a fixed exchange ratio of 29.9675 shares of First Midwest common stock additionally $623.02 in cash.

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Park Bank acquisition: Background

Established in 1915, Park Bank has nearly $1bn of total assets, $815m of deposits and $700m of loans.

First Midwest chairman and CEO Michael Scudder said: “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.

“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 acquisition will help First Midwest to bolster presence in the Milwaukee market. In the last one year, the company has stepped up efforts to grow its footprint in the city.

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In January, it acquired Northern Oak Wealth Management based in Milwaukee. Earlier this year, it has also opened a loan production office in the city.

The Park Bank acquisition is expected to close by January 2020, subject to regulatory nods and shareholder approvals.

First Midwest, headquartered in the Midwest, boasts around $17.5bn of assets and $12bn of assets under management.

Last year, the company signed a deal to acquire Illinois-based NorStates Bank in a transaction valued at $91m.