ITASCA, Ill., May 18 /PRNewswire-FirstCall/ -- First Midwest Bancorp, Inc.
(Nasdaq: FMBI) today announced that its Board of Directors has approved a new
stock repurchase plan authorizing the repurchase of up to 2.5 million shares,
or 5.5% of its common shares outstanding, and a 4.2% increase in rate of
quarterly cash dividends on its common stock to $0.25 per share of common
stock. At that dividend rate, the cash dividends expected to be paid by First
Midwest in 2005 would exceed by 11% the dividends First Midwest paid in 2004.
"I am excited to announce both increased authorization to First Midwest's
stock repurchase program as well as the fourteenth dividend increase in
thirteen years," said John O'Meara, First Midwest's President and Chief
Executive Officer. "The decision to simultaneously increase our quarterly
dividend and increase the authorization under our stock repurchase plan
demonstrates our continued confidence in First Midwest's profitability in
2005."
Effective immediately, the new stock repurchase plan authorizes
repurchases in both open market and privately negotiated transactions and has
no execution time limit. The new plan is the tenth approved in the last
fifteen years. Under these plans approximately 14 million common shares have
been repurchased at an average price of $22.83 per share, representing a total
repurchase investment of approximately $19 million. In approving the new
stock repurchase plan; First Midwest's Board of Directors rescinded the
repurchase plan approved in August 2002 under which some 296,000 shares
authority remained.
The quarterly cash dividend will be payable on July 19, 2005 to
stockholders of record as of the close of business on June 24, 2005 and
represents the 90th consecutive quarterly dividend distribution since the
Company's formation in 1983.
First Midwest is the premier relationship-based banking franchise in the
growing Chicagoland banking markets. 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 67 offices located in 49 communities, primarily in
northeastern Illinois. First Midwest is the 2004 recipient of the Illinois
Bank Community Service Award and was honored by Chicago magazine in its
September 2004 issue as one of the 25 best places to work in Chicago, the only
bank to be so honored.
SOURCE First Midwest Bancorp, Inc.
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Related links:
http://www.firstmidwest.com
CONTACT:
Steven H. Shapiro, EVP, Corporate Secretary
of First Midwest Bancorp, Inc., +1-630-875-7345
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