Six Midwest banks reach merger milestones

Banks in Illinois and Iowa announced mergers in recent days, while two Michigan banks received regulatory approval to proceed with the merger they announced in June..Byline Bancorp and Illinois State Bancorp, both based in Chicago, announced a cash and stock deal valued at $87.9 million that will merge two banks owned by Illinois State Bancorp – First Nations Bank and The Bank of Bourbonnais – into Byline Bank.The combined franchise will have approximately $10.5 billion in assets, $8 billion in loans, and $8.4 billion in deposits. Byline Bank currently has 44 locations throughout the Chicago and Milwaukee metro areas and will add four more in the merger, expanding Byline’s presence in Chicago “and increasing market density across key communities.”Algona, Iowa-based Mid-Iowa Bancshares, holding company for Iowa State Bank, said it agreed to acquire Swea City Bancorporation of Estherville, Iowa, and its subsidiary Bank Plus.Iowa State Bank is a $475-million institution with locations in four Iowa communities. Bank Plus is a $157-million organization that also serves four communities. "The addition of these offices expands our presence in rural, north central and northwest Iowa and southern Minnesota," said Laurie Vitzthum, chairman, CEO and president of Iowa State Bank. Meanwhile, Isabella Bank of Mt. Pleasant, Mich., and Grand River Bank of Grandville, Mich., received the approvals needed to complete the $54.6-million deal announced earlier this year.