First Midwest Earns Upgraded Rating From Moody's

ITASCA, IL -- (MARKET WIRE) -- April 2, 2007 -- First Midwest Bancorp, Inc. (NASDAQ: FMBI) today announced that Moody's Investor Service has upgraded First Midwest Bank's "Bank Financial Strength" rating from (C) to (C+). Concurrent with this rating upgrade, the following First Midwest Bancorp and First Midwest Bank ratings were upgraded as well:

First Midwest Bancorp

        Long Term Issuer Rating:            Upgraded from Baa1 to A3
        Subordinated Debt Rating:           Upgraded from Baa2 to Baa1

First Midwest Bank

        Long Term Bank Deposit Rating:       Upgraded from A3 to A2
        Long Term Issuer Rating:             Upgraded from A3 to A2

"We are extremely pleased with these rating upgrades," said John O'Meara, President and Chief Executive Officer of First Midwest. "They reflect the ongoing strength of our operating performance, the outstanding quality of our loan and investment portfolio and the overall soundness of our financial position."

First Midwest is the premier relationship-based banking franchise 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 102 offices located in 63 communities, primarily in metropolitan Chicago. First Midwest was the only bank named by Chicago magazine as one of the 25 best places to work in Chicago.

Contact Information: CONTACT: Michael L. Scudder EVP, Chief Financial Officer (630) 875-7283 www.firstmidwest.com First Midwest Bancorp One Pierce Place, Suite 1500 Itasca, Illinois 60143-9768 (630) 875-7450