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First American to pay $44.8M for Southport

Elk Grove Village, Ill.-based First American Bank Corp. expects to pay approximately $44.8 million in total for Southport Financial Corp. of Kenosha, Wis.

The figure is based on June 30 financials and was disclosed in a September merger application filed with the Federal Reserve Bank of Chicago.

The parties hope to close the deal Jan. 1, 2018, according to the filing.