Bridgeview Bank, a community bank founded in Bridgeview in 1971 and which emphasized a personal and small business focus, has agreed to be acquired by First Midwest Bank in a cash and stock deal valued at $145 million.
The agreement was announced Thursday by both financial institutions.
“First Midwest has created significant momentum over the years because of its market-leading commitment to relationship-based banking and to providing a wide array of banking products and services. We very much look forward to joining them,” Peter J. Haleas, Chairman of Bridgeview, said in a release. “Our clients will continue to have the highly personalized service they have come to expect from Bridgeview Bank, now with the added benefit of a broader range of products and services combined with larger scale.”
“We are very excited to welcome Bridgeview Bank clients and colleagues to First Midwest,” Michael L. Scudder, Chairman, President and Chief Executive Officer of First Midwest, said in the release. “Bridgeview is a well-established and trusted financial institution with deep client and community relationships, which we look forward to continuing. Joining forces with Bridgeview brings to all of our clients an expanded footprint across Chicago and further enhances our position as metro Chicago’s premier commercial bank.”
Bridgeview has assets of $1.2 billion, which includes $1.1 million in deposits and $800 million in loans. The bank has 13 branches, including five on Chicago’s north side, one on the Southwest Side and the rest scattered across the suburbs. Most of those locations are expected to remain open.
The bank’s mortgage division was not included in the deal.
Bridgeview Bank almost fell victim to the Great Recession and financial crisis. The bank received $38 million in bailout funds from the U.S. Treasury Department as part of the Troubled Asset Relief Program. Those shares were later auctioned off to private parties.
Founders Peter and Tom Haleas were able to raise $47 million in 2015 to redeem those shares and maintain control of the bank.
First Midwest is one of the largest independent publicly-traded bank holding companies based on assets headquartered in Chicago and the Midwest, with over $15 billion of assets and $11 billion of trust assets under management.
First Midwest’s principal subsidiary, First Midwest Bank, and other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services through locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa.
Founded in 1940 in Joliet, First Midwest became a publicly traded company in 1983.
The transaction is subject to customary regulatory approvals, the approval of Bridgeview’s stockholders and the completion of various closing conditions, and is anticipated to close in the second quarter of 2019.
Mokena-based Gas n Wash has announced it will open a second location in Mokena at 6 a.m. on Friday, Nov. 16, at 19990 S. LaGrange Road.
It will be the company’s seventh location. The company also operates Food n Fuel locations in the south suburbs.
The new Mokena location will feature a car wash, fuel pumps for cars and trucks, a convenience store as well as Beggars Pizza, Great American Bagel and Hog Wild Express restaurants.
Great American Bagel and Hog Wild will offer window service in separate drive-thru lanes.
This will be the second go-round for a second Hog Wild location. The popular eatery is based in Midlothian and opened a location in Tinley Park several years ago that subsequently closed.
The new Hog Wild will offer dine-in eating as well as drive-thru. The Mokena restaurant will also accept credit or debit cards, which the original location in Midlothian does not, it will remain a strictly cash operation.
Hours will be 10 a.m. to 10 p.m. daily.
The car wash is located on a former campground that was abandoned years ago.
A new traffic light has been installed at the entrance to the new facility, which went into operation this week.
Plans for the gas station were first approved in June 2017 and construction began in April.
A number of local businesses are holding grand openings this week or recently held them:
United Real Estate Elite will hold a grand opening, ribbon cutting and business after hours from 5-7 p.m. Thursday, Nov. 15, at 19606 S. LaGrange Road in Mokena. The ribbon cutting is set for 5:30 p.m. Refreshments will be served.
Konquer Dance Company held its grand opening and ribbon cutting on Saturday, Nov. 10, at 8600 W. 159th in Orland Park.
Luxurious Lathers, a boutique that sells soaps and body products, held its grand opening and ribbon cutting on Saturday, Nov. 10, at its new home at Orland Square Mall in the upper level near Macy’s. It has a second location at Yorktown Shopping Center in Lombard.
Great Clips held its grand opening and ribbon cutting on Oct. 29 at 15958 S. Harlem Ave. in Tinley Park.
Jem MedSpa will hold its grand opening and ribbon cutting from 5-7 p.m. Wednesday, Nov. 14, at 11219 W. 159th in Orland Park.
Premier Veterinary Group will hold its grand opening and ribbon cutting from 11 a.m. to noon on Wednesday, Nov. 14, at 7000 W. 159th in Orland Park. The ribbon cutting is scheduled for 11:15 a.m. The 12,000-square-foot animal hospital offers round-the-clock emergency care and critical care for pets.
Kup A Joe to serve customer appreciation dinners
Kup A Joe’s restaurant at 41 Old Frankfort Way in Frankfort will hold its seventh annual Customer Appreciation Turkey Dinner on Saturday, Nov. 17.
The dinner is free but reservations are required at 815-464-0909. For anyone 12 and older.
There will be three seatings of 80, at 4, 5 and 6 p.m.
Guests are asked to bring a food item for an area food bank.
Crestwood Mayor Lou Presta congratulates Walmart on reopening its newly remodeled store in the village. (Supplied photo)
Walmart celebrated the grand reopening of its remodeled Bedford Park Supercenter on Nov. 9.
The store was one of 16 stores the retailer was remodeling throughout Illinois this year.
“We’re excited to welcome Bedford Park shoppers to our newly remodeled Supercenter just in time for the holidays,” said Store Manager Gary Schlechter. “We’re committed to saving our customers time and money throughout the holiday season.”
Improvements to the store include:
Transformed front-end, including an improved self-checkout area—a convenient, quick way for customers to shop.
State-of-the-art electronics department with interactive displays.
Revitalized apparel department, including updated fitting rooms.
New tool department with fresh look and added variety of tools available.
Wider aisles and lower fixtures for improved store flow, better line of sight and easier navigation.
As part of the celebration, the Bedford Park Supercenter presented monetary donations to Summit School District 104 ($2,500) and Bedford Park Police Department ($2,500) in recognition of their important work in the community.
In April, Walmart announced it expected to spend an estimated $56 million in Illinois over the year through the remodeling of 16 stores, as well as the rollout of several in-store and online innovations designed to help busy customers save time and money.
Last month, Walmart celebrated the grand reopening of its remodeled Crestwood Supercenter with Mayor Lou Presta at a ribbon-cutting ceremony on Oct. 19. The store was also one of 16 stores the retailer was remodeling throughout Illinois this year.
“On behalf of the Village of Crestwood and the village board, we’d like to congratulate Walmart on the completion of recent renovations,” said Presta. “We appreciate Walmart’s investment in Crestwood and their continued partnership with our community.”
“We are so excited to welcome Crestwood shoppers to our newly remodeled Supercenter,” said Store Manager Jennifer Bell. “Our everyday low prices save our customers money, but our newly redesigned store layout will now save our customers time as well.”
As part of the celebration, the Crestwood Supercenter presented donations to local organizations in support of their important work in the community: Crisis Center for South Suburbia ($1,000), Crestwood Police Department ($1,000), Crestwood Mayor’s Office ($500) and the Crestwood Fire Department ($500).
Kernel Sweetooth, the snack and sweets shop that was booted from its longtime home in the Trolley Barn in downtown Frankfort back in October, has resurfaced in the Grainery building at 10 Elwood Ave. in downtown Frankfort.
The new location is about a block away from the Trolley Barn.
The shop opened in early July and then was forced to close for a couple of days as a result of the July 15 fire that has shuttered the adjoining Durbin’s pizzeria.
The shop features a variety of sweets including gourmet popcorn in eight flavors, hand-dipped ice cream, Hawaiian shaved ice, homemade chocolate, cotton candy, bulk candy, cookies, cakes and other snacks. It also offers doggie ice cream treats.
Kernel Sweetooth offerings are also available at the Frankfort Farmer’s Market and at the Cross Street Grill in downtown Joliet.
The new location is open from 10 a.m. to 10 p.m. Monday to Saturday and from 9 a.m. to 9 p.m. on Sunday.
A second Kernel Sweetooth location at 17258 S. Oak Park Ave. in Tinley Park remained open while owners Gary and Debbie Kovarik searched for a new Frankfort location.
A call for comment to the Kovariks was not returned.
It’s the second sweet shop to open this year in downtown Frankfort.
Raffy’s Candy Shop opened a second location in May at the Trolley Barn.
Raffy’s Candy Store, which opened in late 2015 on U.S. 30 in New Lenox, has opened a second location in the Trolley Barn shopping center in historic downtown Frankfort.
Dave Rafalski, who co-owns the sweet shop with his wife, Pam, said the new location opened May 30 at 21 White St.
“We had no intention to open a second location,” Rafalski said. “But we were encouraged by a lot of people to do so. Members of the chamber were eager for us to come into town.”
The new Raffy’s is pretty much a carbon copy of the New Lenox location, Rafalski said.
“The floor plan is a little different,” he said. “And there’s a nice patio at the new location.”
And except for the lack of soft-serve ice cream in Frankfort, the store features the same sweet treats as the New Lenox location.
There’s a wide selection of candy including premium chocolate, Albanese Gummy Bears from Indiana and what Rafalski calls nostalgic candy, popcorn and nuts. Frankfort also will have hard-packed ice cream by the original Plush Horse ice cream parlor in Palos Park.
Hours at the Frankfort location will be from 11 a.m. to 10 p.m. Sunday to Friday and from 10 a.m. to 10 p.m. on Saturday.
First Midwest acquires Northern States
First Midwest Bancorp Inc., the parent of First Midwest Bank, announced that it has entered into a definitive agreement to acquire Northern States Financial Corp., the holding company for NorStates Bank, based in Waukegan.
NorStates Bank operates eight offices in Lake County and has approximately $500 million in total assets, $400 million in deposits, of which 90 percent are core deposits, and $320 million in loans.
“We are very excited to welcome NorStates Bank to First Midwest and build on the strong relationships that NorStates has with its customers,” Michael L. Scudder, Chairman, President and Chief Executive Officer of First Midwest, said in a release. “This combination continues our expansion in the greater Chicagoland area and enhances our presence in Lake County where we have long-standing, deep roots.”
“We are extremely pleased to partner with First Midwest,” Scott M. Yelvington, President and Chief Executive Officer of Northern States, said. “Like First Midwest, we have a strong commitment to relationship banking, personalized customer service and involvement in the communities we serve. We greatly look forward to offering our customers the broader array of financial products and services that First Midwest provides.”
Based upon the closing price of First Midwest’s common stock on June 5, on the Nasdaq Stock Market, the overall transaction is valued at approximately $91 million. The acquisition is to close in the fourth quarter of 2018.
Ryerson to acquire Central Steel & Wire
Ryerson Holding Corp. announced that it has entered into an agreement to acquire Central Steel & Wire for $140 million.
Central Steel has its main plant and offices near 51st Street and Francisco in the Gage Park community.
The company was founded in 1909. It operates six plants, employs about 900 people and has annual sales of about $600 million. It produces bar, tube, plate and sheet products. Last year, it posted a $14 million loss.
Central Steel will continue under that brand name after the closing of the deal, which is expected to come in the third quarter this year.
Loop-based metal processor and distributor Ryerson is one of the 60 largest companies in the Chicago area, with $3.36 billion in revenue last year.
Central Steel CEO Steve Fuhrman said in a statement that “the leverage this merger creates will benefit our diverse customer base, grow our respected supplier relationships and provide opportunity for further development of our loyal employees.”
Eddie Lehner, Ryerson’s president and CEO, had nothing but praise for Central Steel.
“Since 1909, Central Steel & Wire has cultivated a loyal customer following as an industry standard bearer of customer service,” he said. “Ryerson’s acquisition of Central Steel & Wire into the Ryerson family of highly valued industrial metal distribution and processing companies takes Ryerson’s ability to provide great customer experiences to another level. We are excited to elevate the best of Central Steel & Wire while leveraging Ryerson’s intelligently networked service centers to infuse Central Steel & Wire’s and Ryerson’s customers with a broader and deeper array of products with comprehensive processing capabilities. By supporting and further developing the Central Steel & Wire brand in the marketplace to existing and new customers, Ryerson continues along a smart growth trajectory that we expect to add meaningfully to shareholder value in the years to come.”
Completion of the transaction has been approved by the board of directors of both companies and Central Steel & Wire shareholders signed a written consent approving the merger agreement and the transaction.
The decision to sell was an about face for Central Steel, which waged a fierce court fight three years ago for the right to reject a more lucrative offer from Canadian manufacturer and distributor Samuel Son & Co.
American Eagle has landed at Orland Square
American Eagle has completed the remodel of its Orland Square Mall store, which reopened late last month at the Orland Park mall. The store is located in the upper level Macy’s wing of the mall.
Marketing group holds grand opening
WDB Marketing, a one-stop marketing and promotions shop that offers graphic design, print services, web design, marketing and promotional strategies, held its grand opening June 8 at its new location at 1007 E. 162nd St. in South Holland.
Hours are 10 a.m. to 5 p.m. Monday to Friday. For information, call 708-527-3090. The website in www.wdbmarketing.com.
Ooh Wee Burger coming to River Oaks
Ooh Wee Sweet Tea and Ooh Wee Cereal and Candy Bar is expanding its presence at the River Oaks Center food court.
Ooh Wee Burger Bar and Grill is coming this summer to the mall in Calumet City.
If you see a new business in town or wonder what happened to an old favorite, drop me a line at email@example.com. You can track business openings and closings at http://bobbongonbusiness.com/
Two new restaurants, including one co-owned by KISS stars Gene Simmons and Paul Stanley, will highlight the beginning of phase two of the Stony Creek Promenade development in Oak Lawn.
Rock & Brews is a California-based restaurant chain born out of a post-concert conversation among Simmons, Stanley, concert tour manager Dave Furano, his brother, merchandising pioneer Dell Furano and restaurateur Michael Zislis.
The first one opened in El Segundo, Calif., in 2012. There are now more than 20 in eight states and Mexico.
The Oak Lawn location will be the first one in Illinois of a planned 15-20 locations.
Rock & Brews features American comfort food and craft beers.
Also coming to Oak Lawn will be the Barrel Club, a locally owned upscale restaurant, which says it will feature some of the highest quality steaks and prime rib in the area paired with a house-distilled whiskey.
Both restaurants are expected to open in 2019.
Oak Lawn Mayor Sandra Bury announced the news on Facebook and said the news had gone viral.
“My post just blew up on social media,” Bury said. “It had hundreds of views and shares.”
“Residents asked for upscale, fine dining and that what’s we’re trying to give them,” she said. “Everything is coming up roses at 111th and Cicero. “Please welcome them to Oak Lawn.
“The village has a great partnership with Hamilton Partners, developers of the Promenade, and this is just the beginning of phase two.”
Bury said there will also be a retail component in phase two. “I’m just not ready to make any announcements about retail,” she said.
Bury also revealed that Mariano’s supermarket, which was part of the first phase of the Stony Creek Promenade, will be adding a fuel station to its footprint at the Promenade.
“That location is consistently one of Mariano’s top locations,” she said. “It’s often the No. 1 location in the Chicago area.”
Local police officers will be prowling Dunkin’ Donut rooftops Friday morning.
But instead of being on the lookout for bad guys, these coppers will be raising money for Special Olympics Illinois.
For the 16th year in a row, police will be atop almost 300 Dunkin’ Donut shops including locations in Alsip, Bridgeview, Brookfield, Burbank, Calumet City, Calumet Park, Chicago Heights, Country Club Hills, Crestwood, Countryside, East Hazel Crest, Forest View, Frankfort, Harvey, Hodgkins, Hickory Hills, Homewood, Matteson, Midlothian, Mokena, McCook, Lansing, Lemont, Lockport, Oak Lawn, Palos Heights and Palos Park on Friday from 5 a.m. to 2 p.m.
Officers hope to top last year’s donation total of more than $700,000 from 272 rooftops as they go to new heights to raise awareness and donations for the Law Enforcement Torch Run to benefit Special Olympics Illinois.
In return for the police officers doing time at their stores, Dunkin’ Donuts will donate $15,000 to the Torch Run fund.
Everyone who visits a Cop on a Rooftop store and makes a donation to the Torch Run will receive a free doughnut coupon. Individuals who donate at least $10 will receive a Law Enforcement Torch Run travel mug (while supplies last) and a coupon for a free medium coffee.
Other items, such as Torch Run T-shirts and hats, will be sold for various donation amounts, and other activities will vary by Dunkin’ Donuts location.
Dunkin’ Donuts also has created a special glazed red and white donut ring depicting Special Olympics Illinois colors. The donut, called “The Champion,” will be available at Dunkin’ Donuts locations in Chicago and suburbs May 18.
Detective Robbie Peterson of the West Chicago Police Department says “Cop on a Rooftop is important because it puts the athletes of Special Olympics in the forefront that day across the state of Illinois and gives us, law enforcement officers, an opportunity to interact with our community in a positive manner. My involvement with Special Olympics is truly an honor and another chance to uphold the oath I took when I was hired….to protect and serve.”
Special Olympics Athlete Becky Cavanagh of Clarendon Hills adds,” Eating donuts is my favorite part of Cop on a Rooftop. Then I like talking to Detective Robbie and all the nice people who donate.”
On Thursday, ALDI will celebrate the reopening of its newly remodeled store in Orland Hills.
The store at 9271 W. 159th St. will reopen with a ribbon-cutting ceremony at 8:25 a.m. Thursday, May 3. The first 100 customers in line will each receive a free gift card.
There will also be a sweepstakes for a year’s supply of produce and product sampling.
The new store is one of more than 1,300 nationwide scheduled to be remodeled and expanded by 2020 as part of a $1.6 billion plan. The company said it would invest more than $180 million to improve more than 130 stores in the Chicago area.
Stores already remodeled or expanded include locations in Tinley Park, which reopened in a bigger location in November, and locations in Bridgeview and Chicago’s Garfield Ridge community, which opened in December.
The new store will feature fresh food, produce, dairy and baked goods.
Hours for the store will be open from 9 a.m. to 9 p.m. Monday through Saturday and from 9 a.m. to 8 p.m. on Sunday.
“Our remodeled store layout will simplify the shopping experience for customers, so they can get out the door with everything they need,” said Heather Moore, Dwight division vice president for ALDI. “We’re excited to unveil these changes in a great market like Orland Hills, where we already have passionate, loyal customers.”
Remodeled stores also feature a modern design, open ceilings, natural lighting and environmentally-friendly building materials – such as recycled materials, energy-saving refrigeration and LED lighting.
Moore said the ALDI location in Orland Park is also scheduled to be remodeled this year.
In Orland Park, a new barbecue joint called City Barbecue will open Monday and will hold its rib bone cutting grand opening ceremony at 10 a.m. Saturday, April 28, at 14301 S. LaGrange Road.
It’s the second location in the Chicago area and its 36th location across the country. The first area location opened in October in Berwyn and four additional Chicago area sites are scheduled to open this year in Downers Grove, Deerfield, Park Ridge and Vernon Hills. All restaurants are company-owned.
The Orland Park location will be 4,000 square feet of ‘BBQ-chic’ décor utilizing modern fixtures with weathered barn wood surrounded by floor-to-ceiling windows, according to a release. Indoor seating will allow for approximately 90 people, and the outdoor patio will seat another 40. Three state-of-the-art smokers will run 24 hours a day, seven days week to ensure an endless supply of delicious barbeque.
“Aside from offering competition quality barbeque and backyard hospitality, one of our core values is to serve our community,” Clint Umphrey, Market Leader from City Barbeque, said in the release. “We at City Barbeque are committed to partnering with local charities and food rescues to support our friends and neighbors and give back to those we serve.”
The Orland Park location a partner with All God’s People, a local ministry serving the homeless of Chicago, to donate surplus food from the restaurant to feed those in need. City Barbeque also is committed to hosting weekly fundraisers and has partnered with a different local charity every day of their opening week in Orland Park. Each organization will receive 25 percent of the sales when a guest mentions the organization upon placing an order.
Regular hours are 10:30 a.m. to 10 p.m. daily.
The Ohio-based company opened its first location in 1999.