Contact Information: CONTACT: Brian O'Meara (Media) EVP, Marketing First Midwest Bank (630) 875-7260 Paul F. Clemens (Investors) EVP and CFO First Midwest Bancorp, Inc. (630) 875-7347
First Midwest Bank Acquires First DuPage Bank
| Source: First Midwest Bancorp, Inc.
ITASCA, IL--(Marketwire - October 23, 2009) - (NASDAQ : FMBI ) First Midwest Bank today
announced that it acquired certain deposits and loans of Westmont-based
First DuPage Bank at the close of business today in a transaction
facilitated by the Federal Deposit Insurance Corporation ("FDIC"). First
Midwest Bank is a wholly owned subsidiary of First Midwest Bancorp, Inc.
("First Midwest" or the "Company").
"I want to assure all of the First DuPage customers and the surrounding
community that the deposits and business affairs of the former First DuPage
Bank are in safe and secure hands," said Michael L. Scudder, President and
Chief Executive Officer of First Midwest. "Although we're new to Westmont,
First Midwest has long been the community bank of choice for more than one
quarter million families and twenty five thousand businesses in the greater
Chicagoland area through our network of nearly 100 banking locations."
The former First DuPage branch located on North Cass Avenue will re-open on
Saturday, October 24, 2009, under the First Midwest Bank name with normal
branch hours. First DuPage customers can continue to access their accounts
as usual through ATMs, checks and debit cards. The entire network of First
Midwest Bank branches and ATMs will be available to First DuPage customers
following the necessary consolidation of bank operating systems.
Customers who have questions about the transaction can call the FDIC Call
Center toll-free at 1.800.823.5680. The phone number is operational this
evening until 9:00 p.m. Central Time; on Saturday from 9:00 a.m. to 6:00
p.m. Central Time; on Sunday from noon to 6:00 p.m. Central Time and,
thereafter, from 8:00 a.m. to 8:00 p.m. Central Time. Information is also
available from the FDIC's website at www.fdic.gov.
First Midwest Bank was selected to complete this transaction through a
competitive bidding process. First DuPage Bank had approximately $230
million in deposits and $240 million in loans at July 31, 2009. First
Midwest Bank agreed to assume all of the deposits, and agreed to purchase
approximately $260 million in assets at a discount of $32 million. The FDIC
retains the remaining assets for later disposition. First Midwest Bank
entered into a loss-share transaction with the FDIC providing First Midwest
Bank with protection from the FDIC for loan losses.
First Midwest is the premier relationship-based community bank in the
growing Chicagoland banking market. As one of the Chicago metropolitan
area's largest independent bank holding companies, First Midwest provides
the full range of both business and retail banking and trust and investment
management services through some 100 offices located in 62 communities,
primarily in metropolitan Chicago. First Midwest was recently recognized
by the Alfred P. Sloan Awards for Business Excellence in Workforce
Flexibility in the greater Chicago area.