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Financial Advisor And Fairness Opinion

Bankmanagers Corp.

$195 Million 08/28/2019 Depository Complete
Lead Bankers: Jim Hemmer, Adam Cunningham
Public Companies
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Transaction Details

  • On August 28, 2019 — First Midwest Bancorp, Inc. (NASDAQ: FMBI) (“First Midwest”) announced that it has entered into a definitive agreement to acquire Bankmanagers Corp. (“Bankmanagers”) and its wholly-owned banking subsidiary, Park Bank
  • The merger agreement provides for a fixed exchange ratio of 29.9675 shares of First Midwest common stock, plus $623.02 in cash for each share of Bankmanagers Corp. common stock, with an overall transaction value of approximately $195 million, subject to certain adjustments
  • David Werner, President and CEO of Park Bank, will lead the Milwaukee and southeast Wisconsin market for First Midwest
  • The acquisition of Bankmanagers complements the recent acquisition of Northern Oak Wealth Management and the opening of a commercial loan production office while also positioning First Midwest in the Top 10 in Milwaukee County deposit market share
  • First Midwest is targeting closing the transaction by January 2020(1)
Sources: Company filings, S&P Global Market Intelligence and publicly available information.
  1. (1)Subject to regulatory approvals, Park Bank stockholder approval and customary closing conditions.

    (2)All transaction multiples referenced herein per public filings related to the transaction dated August 28, 2019.

    (3)Based on FMBI’s closing stock price as of August 26, 2019.

    (4)Per FMBI investor presentation dated August 28, 2019.

    (5)Per FMBI press release dated August 28, 2019.

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