Elk Grove Village, Illinois-based First American Bank has completed its previously announced acquisition of Kenosha-based Southport Bank.
Southport has about $247.7 million in total loans and about $233.4 million in total deposits. It has about 50 employees at three locations in Kenosha County.
First American has about $1.3 billion in total loans and about $2.4 billion in total deposits. It has about 600 employees at 50 locations; 49 are in the Chicago area and one is in Coral Gables, Florida.
The Southport Bank branding and systems will be changed over to First American in February. First American plans to send mailings to customers informing them of changes. Updates will also be laid out at firstambank.com/southport.
This is First American’s first expansion into Wisconsin. It now has 53 branches.
Russ Weyers, president and chief executive officer of Southport, will continue in his leadership role, serving as Wisconsin regional president for First American.
“Our goal is to provide a smooth transition, while providing access to more sophisticated products and services that will make your day-to-day banking more convenient than ever,” Weyers said.
There were some redundant positions at the two banks, and fewer than 20 employees are affected, said Thomas Wells, chairman and chief executive officer of First American.
“There will be a number of people that will be able to be used within First American, so we’re quite pleased with that,” Wells said.
