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First Midwest Receives Fed's Nod for Northern States Deal
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Recently, First Midwest Bancorp, Inc announced that it has received the Federal Reserve’s approval for the acquisition of Northern States Financial Corporation and its wholly owned subsidiary, NorStates Bank.
First Midwest had first announced on Jun 7 that it has entered into a definitive agreement with Northern States for acquiring the latter. The deal is expected to be completed by fourth-quarter 2018.
Based on First Midwest’s closing price as of Jun 5, 2018, the deal value stands at $91.0 million. Per the agreement, each share of Northern States will be exchanged for 0.0369 shares of First Midwest’s common stock, subject to certain adjustments.
Taking note of this, Michael L. Scudder, First Midwest’s chairman, president and CEO said, “We are pleased to have received Federal Reserve approval for our proposed acquisition of NorStates Bank, which we publicly announced on June 7, 2018. We look forward to welcoming NorStates’ customers and colleagues to First Midwest and to continuing the expansion of our northern Chicagoland footprint.”
Headquartered at Chicago, IL, First Midwest is the parent company of First Midwest Bank. The company offers various commercial, treasury management, equipment leasing, retail, wealth management and trust services, through its various locations in Chicago, Northwest Indiana, Central and Western Illinois, and Eastern Lowa.
On the other hand, NorStates Bank, which is based in Waukegan, IL, operates eight offices in Lake County, IL.
The above-mentioned deal is subject to other regulatory and shareholder approval, and other customary closing conditions.
Shares of First Midwest have gained 29.9% in the past year, outperforming 27.4% growth recorded by the industry.
Commerce Bancshares, Inc.’s (CBSH - Free Report) shares have surged 36.4% over the past year. Its Zacks Consensus Estimate for full-year 2018 earnings remained unchanged, in the last 60 days. Currently, the stock flaunts a Zacks Rank of 1.
Associated Banc-Corp (ASB - Free Report) carries a Zacks Rank of 2 (Buy), at present. The stock’s current-year earnings estimates moved 4.1% north, in the last 60 days. Furthermore, the company’s shares have gained 25% in a year’s time.
The Zacks Consensus Estimate for Independent Bank Corporation’s (IBCP - Free Report) 2018 earnings climbed 4.3%, in 60 days’ time. In the past year, shares of this Zacks #2 Ranked company have appreciated around 21.9%.
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First Midwest Receives Fed's Nod for Northern States Deal
Recently, First Midwest Bancorp, Inc announced that it has received the Federal Reserve’s approval for the acquisition of Northern States Financial Corporation and its wholly owned subsidiary, NorStates Bank.
First Midwest had first announced on Jun 7 that it has entered into a definitive agreement with Northern States for acquiring the latter. The deal is expected to be completed by fourth-quarter 2018.
Based on First Midwest’s closing price as of Jun 5, 2018, the deal value stands at $91.0 million. Per the agreement, each share of Northern States will be exchanged for 0.0369 shares of First Midwest’s common stock, subject to certain adjustments.
Taking note of this, Michael L. Scudder, First Midwest’s chairman, president and CEO said, “We are pleased to have received Federal Reserve approval for our proposed acquisition of NorStates Bank, which we publicly announced on June 7, 2018. We look forward to welcoming NorStates’ customers and colleagues to First Midwest and to continuing the expansion of our northern Chicagoland footprint.”
Headquartered at Chicago, IL, First Midwest is the parent company of First Midwest Bank. The company offers various commercial, treasury management, equipment leasing, retail, wealth management and trust services, through its various locations in Chicago, Northwest Indiana, Central and Western Illinois, and Eastern Lowa.
On the other hand, NorStates Bank, which is based in Waukegan, IL, operates eight offices in Lake County, IL.
The above-mentioned deal is subject to other regulatory and shareholder approval, and other customary closing conditions.
Shares of First Midwest have gained 29.9% in the past year, outperforming 27.4% growth recorded by the industry.
Currently, First Midwest carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Commerce Bancshares, Inc.’s (CBSH - Free Report) shares have surged 36.4% over the past year. Its Zacks Consensus Estimate for full-year 2018 earnings remained unchanged, in the last 60 days. Currently, the stock flaunts a Zacks Rank of 1.
Associated Banc-Corp (ASB - Free Report) carries a Zacks Rank of 2 (Buy), at present. The stock’s current-year earnings estimates moved 4.1% north, in the last 60 days. Furthermore, the company’s shares have gained 25% in a year’s time.
The Zacks Consensus Estimate for Independent Bank Corporation’s (IBCP - Free Report) 2018 earnings climbed 4.3%, in 60 days’ time. In the past year, shares of this Zacks #2 Ranked company have appreciated around 21.9%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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