First Midwest Bancorp, Inc.’s Acquisition of Northern States Financial Corporation

The Barack Ferrazzano acted as legal counsel to Northern States Financial Corporation (“Northern States”)(OTCPINK:NSFC) in entering into a definitive agreement in which Northern States will merge with First Midwest Bancorp, Inc. (“First Midwest”)(NASDAQ:FMBI).

First Midwest Bancorp, Inc. (“First Midwest”) (NASDAQ:FMBI), headquartered in Chicago, Illinois and the parent company of First Midwest Bank, today announced that it has entered into a definitive agreement to acquire Northern States Financial Corporation (“Northern States”) (OTCPINK:NSFC), the holding company for NorStates Bank, based in Waukegan, Illinois.

NorStates Bank operates eight offices in Lake County, Illinois and has approximately $500 million in total assets, $400 million in deposits, of which 90% are core deposits, and $320 million in loans.

Subject to certain adjustments, the merger agreement provides for a fixed exchange ratio of 0.0369 shares of First Midwest common stock for each share of Northern States common stock. Based upon the closing price of First Midwest’s common stock on June 5, 2018 on the Nasdaq Stock Market, the overall transaction is valued at approximately $91.0 million. The acquisition is subject to regulatory approvals, the approval of Northern States’ stockholders and customary closing conditions, and is presently anticipated to close in the fourth quarter of 2018.

Barack Ferrazzano’s team advising Northern States Financial Corporation included Robert Fleetwood (Picture) who was assisted by Emily Henkel. Andy Strimaitis advised on executive compensation.

Involved fees earner: Robert Fleetwood – Barack Ferrazzano; Emily Henkel – Barack Ferrazzano; Andrew Strimaitis – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: Northern States Financial Corporation;


Author: Ambrogio Visconti