M&A Deal Summary

First Midwest Bank Acquires Heritage Financial Services

On July 1, 1998, First Midwest Bank acquired financial services company Heritage Financial Services for 408M USD

Acquisition Highlights
  • This is First Midwest Bank’s 4th transaction in the Financial Services sector.
  • This is First Midwest Bank’s largest (disclosed) transaction.
  • This is First Midwest Bank’s 4th transaction in the United States.
  • This is First Midwest Bank’s 1st transaction in Tennessee.

M&A Deal Summary
Date 1998-07-01
Target Heritage Financial Services
Sector Financial Services
Buyer(s) First Midwest Bank
Deal Type Add-on Acquisition
Deal Value 408M USD

Target

Heritage Financial Services

Clarksville,, Tennessee, United States
Heritage Financial Services, Inc. operates as the holding company for Heritage Bank (bank) and Heritage Trust Company, which offer commercial banking and trust services respectively in Chicago.

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Buyer(S) 1

Buyer

First Midwest Bank

Chicago, Illinois, United States

website

Category Company
Founded 1982
Sector Financial Services
Employees2,074
Revenue 720M USD (2020)
DESCRIPTION

First Midwest Bank is a provides a full range of both business and retail banking and trust and investment management services through some 100 offices located in 64 communities primarily in metropolitan Chicago. First Midwest Bank was founded in 1982 and is based in Chicago, Illinois.

DEAL STATS #
Overall 4 of 18
Sector (Financial Services) 4 of 18
Type (Add-on Acquisition) 4 of 12
State (Tennessee) 1 of 1
Country (United States) 4 of 18
Year (1998) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-10-02 SparBank

McHenry, Illinois, United States

SparBank is a provider of various banking services and products for commercial and individuals.

Buy $106M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-31 CoVest Bancshares

Des Plaines,, Illinois, United States

CoVest Bancshares Inc. is a provider of retail banking business. Company offers a variety of commercial and consumer oriented products and services to customers.

Buy $102M
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