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Milwaukee lighthouse photo showing that Park Bank in Milwaukee, WI has joined First Midwest Bank
A Local Bank With Expanded Resources

We are thrilled to be expanding in Milwaukee.

Questions and Answers

(updated 1/28/20)

Why has Park Bank decided to merge with First Midwest Bank?

As the Board of Directors and executive management of Park Bank considered the bank’s future, we selected First Midwest as our partner for two primary reasons:

  1. First Midwest and Park Bank share similar cultures and philosophies of providing personalized service, being our customers’ most trusted financial partner and supporting the communities in which we live and work.
  2. First Midwest can offer our customers access to deeper banking resources, a broader array of products and services and an expanded network of branches and ATMs.
Who is First Midwest?

First Midwest is headquartered in Chicago and is one of the largest independent bank holding companies in the Midwest. It has approximately $18 billion of total assets and an additional $12 billion of trust assets under management.

First Midwest Bank has been providing banking services to its communities for more than 75 years and offers a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services. It has more than 125 locations in metropolitan Chicago, southeast Wisconsin, northwest Indiana, central and western Illinois and eastern Iowa, and is part of the Allpoint® ATM network, which provides access to more than 55,000 surcharge-free ATMs worldwide. It also has state-of-the-art online and mobile banking options.

For more information, please visit www.FirstMidwest.com.

What does this merger mean to me as a Park Bank customer?

This merger reinforces our shared commitment to relationship-focused banking and adds talented leadership and depth to our collective teams. It also offers you a broader array of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services and an expanded number of locations and ATMs at which to conduct business.

This announcement has no impact on your banking relationship with Park Bank, how your account(s), credit cards, or ATM or debit cards work, interest rates, loan payments, branch locations or hours or any element of your current banking experience. We will maintain local employees, knowledge and decision making and become an even more important resource to the communities we serve.

As the merger progresses, we will keep you informed via direct mail communications. Certain updates will also be posted at www.ParkBankOnline.com and www.FirstMidwest.com/ParkBank.

Will my account number change?

At this time, your account number will remain the same. If there are any changes required, we will provide you with detailed instructions with plenty of lead time to ensure a smooth transition.

What will happen to my accounts, checks and deposit slips?

You may continue to use your same accounts, checks and deposit slips. We will make your transition as simple as possible and notify you in advance if your checks or deposit slips will require replacement.

What about my ATM or debit card?

You may continue to use your ATM or debit card at this time without interruption. If there are any changes required, we will provide you with detailed instructions to ensure a smooth transition.

What will happen to my banking representatives?

We expect the Park Bank employees who have been serving you in the past will continue to provide the same exceptional service to which you have grown accustomed.

Will lobby and drive-up hours remain the same?

Yes, at this time, all lobby and drive-up hours will remain the same.

Will I need to notify anyone about my automatic payments or direct deposits?

Any direct deposits currently being credited to your account, or automatic payments being deducted from your account, will continue without interruption. We will notify you if your deposits or payments will require notification of changes to the originator.

Will the interest rate on my certificate of deposit (CD) remain the same?

Yes. The rate you are currently receiving on your CD will remain unchanged through its date of maturity.

What about the interest rates on my other interest-bearing deposit accounts (Money Market, Checking and Savings)?

You will continue to earn interest on these accounts according to the current account terms.

Will my loan payments continue as before?

Yes. Please continue to make your loan payments to Park Bank. Loan payments cannot be made at First Midwest branches until the merger is complete. The interest rate on your loan will continue under its current terms and conditions.

Does First Midwest currently have any southeast Wisconsin branch locations?

No. First Midwest’s commercial loan production office and Northern Oak Wealth Management, one of First Midwest’s wealth management firms, are located in downtown Milwaukee at 555 East Wells. These locations do not accept deposits.

When will I be able to use First Midwest Bank locations?

You will be able to use First Midwest locations to conduct business once conversion is completed. Additional communications regarding this transition date will be provided once it becomes available. For a First Midwest branch locator, please visit: www.FirstMidwest.com/Locator.

Who should I call with questions about FDIC insurance?

If you have questions about the FDIC insurance for your accounts, please call your local Park Bank branch manager or relationship manager.

Who should I call if I have additional questions?

If you have additional questions regarding the transaction, please call your local Park Bank branch manager or relationship manager.

Note: The merger of Park Bank and First Midwest Bank is subject to regulatory approvals and other customary closing conditions.

The following information may pertain to you as a result of the merger between Park Bank and First Midwest Bank. If you have accounts at both institutions, your newly combined deposits in the resulting institution could exceed the $250,000 normal maximum of deposit insurance provided by the FDIC. In this case, the FDIC will provide supplemental insurance coverage on your deposit accounts for a period of six months from the effective date of the merger. The purpose of the supplemental insurance coverage is to provide you an opportunity to restructure any accounts, if needed, to maximize the insurance coverage of your existing accounts. Any account opened or additional deposits to existing accounts after the six-month period will be combined with your existing accounts in the new institution and will not be separately insured. For example, if the transaction were to be completed on or about June 15, 2020, then your Park Bank accounts would be insured separately until December 15, 2020.

Additional rules apply to Certificates of Deposits depending upon the timing of the maturity and terms of your renewal. For example, if a Park Bank certificate of deposit would mature and be renewed under the same terms and same amount between June 15, 2020 and December 15, 2020, the supplemental insurance would be effective until the first maturity date after December 15, 2020. Certificates of Deposit that mature between June 15, 2020 and December 15, 2020 and are renewed on any other basis, or that are not renewed and become demand deposits, will be separately insured only until December 15, 2020. Refer to https://www.fdic.gov/deposit/diguidebankers/merger-idis.html for additional details. More specific information regarding FDIC insurance coverage will be provided at a later date.