First Community Financial Partners Inc. announces merger
March 12, 2013 9:58PM
Updated: April 14, 2013 6:52AM
First Community Financial Partners Inc announced the finalization of its subsidiary banks on Tuesday.
According to a news release, First Community entered into definitive agreements with Burr Ridge Bank and Trust, First Community Bank of Homer Glen/Lockport and First Community Bank of Plainfield — all non-wholly owned banking subsidiaries — to merge with wholly-owned banking subsidiary First Community Bank of Joliet. The organization will be First Community Financial Bank.
Shareholders of the non-wholly owned subsidiaries approved the mergers on Monday, according to the release.
“We are very pleased to have successfully completed the mergers as we believe our consolidation gives us the critical mass to more effectively compete in a changing and more regulated banking environment without compromising our commitment to true community banking,” First Community Financial Partners CEO Roy C. Thygesen said in a press release.
First Community also announced in the release the repurchasing of $9.4 million of $22 million of its Series B 5 percent Cumulative Perpetual Preferred Stock. According to the release, 9,500 preferred shares were bought at a cost of $6.6 million, which resulted in a gain of $2.9 million to common shareholders.