First Midwest Bancorp

First Midwest Bancorp, Inc.
Public
Traded as NASDAQ: FMBI
Industry Commercial Banking
Financial Services
Founded Illinois, U.S. (1982 (1982)) [1]
Headquarters 1 Pierce Place
Itasca, Illinois, U.S.
Number of locations
 97 branches at 2008-12-31 [2]
Area served
 Chicago metropolitan area
Illinois, Indiana, Iowa
Key people

Robert O'Meara, Chairman

Mike Scudder, CEO
Paul Clemens, CFO [3]
Products Retail Banking
Mortgages
Trust company
$48.6 million (2008) Decrease 39.3% from 2007
Total assets $8.53 billion at 2008-12-31 Increase 5.4% from 2007
Total equity $908.3 million at 2008-12-31 Increase 25.5% from 2007
Number of employees
 1,794 FTE (2008-12-31)
Subsidiaries First Midwest Bank
Website firstmidwest.com

First Midwest Bancorp, Inc is headquartered in Itasca, Illinois, just west of O'Hare Airport. The company's predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, and the Quad Cities area including Iowa.

First Midwest Bank provides retail and business banking in 97 branches. In 2006, First Midwest acquired Bank Calumet for $307 million in cash, expanding its presence in the northwest Indiana area.[4]

On October 23, 2009, First Midwest Bank acquired certain deposits and loans of Westmont-based First DuPage Bank in a transaction facilitated by the Federal Deposit Insurance Corporation. First Midwest Bank agreed to assume all of the deposits - $230 million, and agreed to purchase approximately $260 million in assets at a discount of $32 million. First Midwest Bank entered into a loss-share transaction with the FDIC providing First Midwest Bank with protection from the FDIC for loan losses.[5]

On April 23, 2010, First Midwest Bank acquired Peotone Bank, taking on $130 million in assets and $127 million in deposits in a transaction facilitated by the Federal Deposit Insurance Corporation.[6][7]

On August 13, 2010, First Midwest acquired Palos Bank and Trust Company in a transaction facilitated by the Federal Deposit Insurance Corporation.[8] Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits, as of June 30, 2010. First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Palos Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. The FDIC and First Midwest Bank entered into a loss-share transaction on $343.8 million of Palos Bank and Trust Company's assets.[9]

First Midwest Bank assumed Waukegan Savings Bank's $77 million in deposits and $89 million in assets following its closure by the FDIC. The two Waukegan branches will open as First Midwest locations.[10]

The company acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois.[11]

References

  1. ↑ http://www.ilsos.gov/corporatellc/CorporateLlcController Illinois Secretary of State
  2. ↑ http://www.sec.gov/Archives/edgar/data/702325/000119312509040811/d10k.htm#tx11087_4
  3. ↑ http://www.sec.gov/Archives/edgar/data/702325/000119312509075475/ddef14a.htm
  4. ↑ http://nl.newsbank.com/nl-search/we/Archives?p_product=CSTB&p_theme=cstb&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=10E7C0602B079060&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM
  5. ↑ http://finance.yahoo.com/news/First-Midwest-Bank-Acquires-iw-591284853.html?x=0&.v=1
  6. ↑ http://www.chicagobusiness.com/cgi-bin/news.pl?id=37955&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ChicagobusinesscomBreakingNews+%28ChicagoBusiness.com+Breaking+News%29
  7. ↑ http://www.marketwatch.com/story/first-midwest-bank-acquires-peotone-bank-and-trust-company-2010-04-23?reflink=MW_news_stmp
  8. ↑ http://www.marketwatch.com/story/first-midwest-bank-acquires-palos-bank-and-trust-company-2010-08-13?reflink=MW_news_stmp
  9. ↑ http://www.fdic.gov/news/news/press/2010/pr10189.html
  10. ↑ http://www.chicagobusiness.com/article/20120803/NEWS01/120809903/waukegan-savings-bank-fails-first-midwest-takes-it-over
  11. ↑ http://featuresblogs.chicagotribune.com/entertainment_popmachine/2006/04/and_i_thought_i.html

External links

Coordinates: 41°59′24″N 88°01′02″W / 41.990097°N 88.017208°W / 41.990097; -88.017208

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