Type Public Subsidiaries First Midwest Bank | Number of employees 1,794 | |
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Traded as NASDAQ: FMBI
S&P 600 Component Industry Commercial Banking
Financial Services Number of locations 97 branches at 2008-12-31 Area served Chicago metropolitan area
Illinois, Indiana, Iowa Key people Robert O'Meara, Chairman
Mike Scudder, CEO
Paul Clemens, CFO Stock price FMBI (NASDAQ) US$ 24.04 -0.06 (-0.25%)10 Mar, 4:00 PM GMT-5 - Disclaimer Headquarters Itasca, Illinois, United States Founded 1982, Illinois, United States | ||
First midwest bancorp inc
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.
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.
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.
On August 13, 2010, First Midwest acquired Palos Bank and Trust Company in a transaction facilitated by the Federal Deposit Insurance Corporation. 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.
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.
The company acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois.