Last updated on September 16th, 2020 at 03:28 pm
First American Bank has plans to open a loan production office in downtown Milwaukee in the fall, the bank recently announced.
Based in Elk Grove Village, Illinois, First American Bank signed a lease for an office space at 411 E. Wisconsin Ave., according to a press release.
First American Bank entered the Wisconsin market in 2018 after acquiring Kenosha-based Southport Financial Corp., a transaction that included taking over three Southport Bank offices in the Kenosha area. At the time of the acquisition, Southport had approximately $250 million in assets.
Wisconsin region executive president Alan Clark and four other executives will work out of the downtown Milwaukee office, which offers commercial, commercial real estate, treasury and wealth management products and services.
First American Bank sees the southeastern part of the state as a growth opportunity for the firm, Clark said, adding that Wisconsin and Milwaukee markets will outpace many of its geographic neighbors.
“We think southeast Wisconsin and the greater Milwaukee marketplace is a very dynamic, vibrant and growing marketplace and a natural fit for us,” Clark said.
First American Bank has 59 branches and although its largest presence is in the Chicagoland area, the bank has also established a presence in Florida. In 2019, First American Bank acquired Miami-based Continental National Bank, a Cuban American-owned community bank that had $457 million in assets.
“We continue to expand our footprint in Florida and we continue to look for opportunities to grow both organically and through mergers,” Clark said. “We’re always looking for those opportunities. Wisconsin is certainly a place we want to expand and a growth market for us.”
First American Bank has approximately $5.9 billion in assets, according to the Federal Deposit Insurance Corporation.