The Illinois company, four months removed from its last bank acquisition, just announced the biggest purchase in its history. Alpine Bancorp. will add low-cost deposits and scale to Midland States' wealth management business.
Rising taxes, declining population and the political landscape in Illinois have led several bankers to put more money and resources into nearby states.
The Canadian bank twice sweetened its bid for PrivateBancorp, raising the stakes. Now it must gain traction in the hypercompetitive Chicago market while hunting for more acquisitions.
CIBC plans to spend two years focusing on internal growth at PrivateBank except for some targeted wealth management acquisitions, but ultimately capital outlays or takeovers will be necessary to meet its growth ambitions.
Byline Bancorp's decision to go public sends a message that it plans to dangle a more liquid stock in front of potential sellers. It also provides a way for certain shareholders to cash out.
