KENOSHA — Southport Bank in Kenosha is now officially a part of First American Bank, headquartered in Elk Grove Village, Ill.
“This merger will extend the tradition of community banking and personalized service that has characterized Southport and First American Bank for many years,” said Thomas E. Wells, First American chairman and CEO in a press release.
According to information from the Federal Reserve Bank of Chicago, First American Bank Corp. acquired Southport Bank indirectly through a merger with Southport Financial Corp. First American announced the addition of Southport Bank, headquartered at 7027 Green Bay Road in Kenosha, to its banking family on Wednesday.
Southport, named for the original name of Kenosha, also has branches at 1350 22nd Ave. in Somers and at 23604 75th St. in Paddock Lake. It also has ATMs located at Kenosha Medical Center in Kenosha and at St. Catherine’s Medical Center in Pleasant Prairie.
According to a press release from FIG Partners, the financial adviser in the merger, First American is the largest privately held bank in Illinois with total assets of $3.8 billion. Prior to adding the three Southport Bank locations, First American had 49 branches in the Chicago market and one in Coral Gables, Fla. Southport Bank had total assets of $295 million and served Kenosha County.
First American is known for its popular long-running “Grandma and Dickie” radio commercials in the Chicago area.
“The conversion, merging of systems and re-branding of the buildings, will occur in February,” the press release said. “Customers will be notified of developments with a mailing and updates will be provided via the First American Bank website.”
Russ Weyers, former president and chief executive officer of Southport Bank, will continue on in his leadership role as the new First American Bank Wisconsin regional president.
“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 in the press release.