First Community Financial Bank merger takes effect
Shareholders approved the merger on March 11
JOLIET — First Community Financial Partners Inc. has consummated the merger of its subsidiary banks, effective March 12, 2013.
On Aug. 27, 2012, 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, each a non-wholly owned banking subsidiary, to merge the three banks and First Community Bank of Joliet, a wholly owned banking subsidiary, into a consolidated organization to be called First Community Financial Bank.
Shareholders of the non-wholly-owned banking subsidiaries approved the mergers on March 11, 2013.
“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,” said Roy C. Thygesen, chief executive officer of First Community Financial Partners, Inc.
First Community also announced the repurchase of $9.5 million of the outstanding $22 million of its Series B 5 percent Cumulative Perpetual Preferred Stock. The 9,500 preferred shares, with a liquidation preference of $1,000 per share, were repurchased at a cost of $6.6 million resulting in a gain attributable to common shareholders of $2.9 million.
“This substantial retirement of preferred stock has an immediate positive impact on shareholder value,” said Thygesen. “The organization’s clearly focused strategic effort over the past 18 months has allowed us to achieve both of the significant milestones announced today.”