First Midwest Bancorp, Inc. Issues $115 Million of Senior Notes

ITASCA, IL--(Marketwire - Nov 22, 2011) - First Midwest Bancorp, Inc. (the "Company" or "First Midwest") (NASDAQ: FMBI), today announced the closing of its sale of $115,000,000 aggregate principal amount of the Company's 5.875% Senior Notes due 2016 (the "Senior Notes"). Goldman Sachs & Co acted as sole book running manager for the offering. The proceeds from the offering, together with cash on hand, will be used to repurchase all of the Company's Series B Cumulative Perpetual Preferred Stock, which was issued to the United States Department of the Treasury as a part of the Troubled Asset Relief Program ("TARP"). The repurchase of the Series B Cumulative Perpetual Preferred Stock is scheduled to occur on November 23, 2011.

"The successful completion of this offering enables us to promptly repay TARP in a manner advantageous to our shareholders, while maintaining our capital flexibility and enhancing our competitive position," said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. Adding, "we believe we are well positioned as we consider opportunities for growth and expansion in the marketplace."

About the Company

First Midwest is the premier relationship-based banking franchise in the dynamic Chicagoland banking market with approximately $8.4 billion in assets. As one of the Chicago metropolitan area's largest independent bank holding companies, First Midwest provides the full range of business, retail banking and trust and investment management services through some 100 offices located in communities in metropolitan Chicago, northwest Indiana, central and western Illinois and eastern Iowa. First Midwest was recently recognized as having the "Highest Customer Satisfaction with Retail Banking in the Midwest" according to the J.D. Power and Associates 2011 Retail Banking Satisfaction Study(SM). Additionally, First Midwest has been recognized by the Chicago Tribune for the second straight year as one of the top 20 best places to work in Chicago among large employers.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that actual results and the Company's financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company's future results, see "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management's best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.