First Midwest Bancorp Inc. said Thursday it will acquire about $185 million of deposits and a branch in suburban Chicago from Old National Bancorp.
First Midwest and Old National did not disclose financial terms of the deal. The companies, each of which has about $8 billion of assets, expect the transaction to close Dec. 3.
The deposits originally belonged to the failed Integra Bank.
Old National, of Evansville, Ind., is selling only a small portion of the deposits that it acquired from Integra. In a loss-share agreement with the Federal Deposit Insurance Corp., Old National bought about $1.9 billion of deposits.
The deposits, about half of which represented core transactional deposits, had been serviced through two former Integra branches in Bridgeview and Mokena, Ill., and through two additional offices in Plainfield, Ill. As part of the transaction announced on Thursday, First Midwest will buy one of those four branches, the Plainfield South office.
First Midwest, of Itasca, Ill., already operates 86 offices in the metropolitan Chicago market, including a total of four branches in Mokena and Plainfield, according to FDIC data.
