First Midwest Bancorp Inc. expressed interest in acquiring Bankmanagers Corp. as early as late 2015.

First Midwest Chairman and CEO Michael Scudder expressed the bank's interest in exploring a potential deal with Bankmanagers if the latter also had interest in doing so. Chicago-based First Midwest presented its offer terms in March 2016, but Milwaukee-based Bankmanagers determined it would be better to continue as an independent company at that time while still maintaining contact with First Midwest.

The two companies continued to communicate between 2016 and early 2019 regarding "opportunities to work together." On May 2, First Midwest offered to buy Bankmanagers in a deal worth about $194 million consisting of 80% First Midwest common stock and 20% cash.

First Midwest revised its offer May 29, with the deal mix being 70% stock and 30% cash and the deal value pegged at $205 million based on First Midwest's April 30 closing price. But since First Midwest's stock saw declines at that time, the deal consideration was valued at about $195 million based on its 30-day average closing stock price for the period ended May 28.

The two companies then signed a 60-day exclusivity agreement June 7, and their respective boards approved the deal agreement in their respective Aug. 21 meetings.

The deal was announced during premarket trading hours on Aug. 28.