Updated: May 1, 2013 9:46PM
Wintrust Financial Corp. said Tuesday it has signed a definitive agreement to buy First Lansing Bancorp, parent of First National Bank of Illinois.
The cash and stock deal will be worth $38.5 million, Wintrust said. The transaction requires approval from regulators and is expected to close in the second quarter, Rosemont-based Wintrust said.
Wintrust is the parent of Beverly Bank & Trust and Old Plank Trail Community Bank.
It said that, at the end of December, First National Bank of Illinois had $370 million in assets and approximately $325 million in deposits. FNBI is headquartered in Lansing and has eight locations in Illinois and Indiana, including Joliet, Lynwood, Mokena, Plainfield, Shorewood and South Holland.