SOURCE: First Midwest Bancorp, Inc.

First Midwest Bancorp, Inc.

October 23, 2009 20:24 ET

First Midwest Bank Acquires First DuPage Bank

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.

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