ITASCA, Ill., June 16 /PRNewswire-FirstCall/ --
First Midwest Bancorp, Inc. (Nasdaq: FMBI) announced today it had acquired the
branch of The Northern Trust Company, a subsidiary of Northern Trust
Corporation (Nasdaq: NTRS), located at 8501 West Higgins Road, Chicago, IL.
First Midwest commenced operations of what will now be known as its O'Hare
Financial Center.
"We are excited at the opportunities presented by the O'Hare Financial
Center," said John O'Meara, President and Chief Executive Officer of First
Midwest Bancorp. "As the name indicates, the new O'Hare Financial Center will
provide a full range of retail, commercial and trust services to new and
existing customers of First Midwest. The new branch's location at the
threshold of the expansive O'Hare International Airport corridor presents us
with great commercial potential, as more than 6,200 commercial businesses are
located within a three mile radius of this new branch."
First Midwest also intends to consolidate its Commercial Real Estate
Division to better serve this important client segment, which currently
represents more than $1.4 billion in outstanding loans. In addition, First
Midwest will offer the customer base acquired in connection with the new
O'Hare Financial Center its full range of retail, commercial and trust
services.
Under terms of the agreement, First Midwest acquired approximately
$106 million in deposits and $14 million in loans in exchange for roughly
$18.5 million in cash consideration, subject to post-closing adjustments.
First Midwest expects the effect of the acquisition to be slightly accretive
to 2003 earnings.
First Midwest is the premier relationship-based banking franchise in the
wealthy and growing suburban Chicago banking markets. As the largest
independent bank holding company and one of the overall largest banking
companies in the Chicago metropolitan area, First Midwest provides the full
range of both business and retail banking, trust and investment management
services through 70 offices located in more than 40 communities, primarily in
northern Illinois.
Safe Harbor Statement under the Private Securities Act of 1995: Statements
in this news release that are forward-looking statements are subject to
various risks and uncertainties concerning specific factors described in First
Midwest Bancorp's 2002 Form 10-K and other filings with the U.S. Securities
and Exchange Commission. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. First Midwest does not intend to update this information
and disclaims any legal obligation to the contrary. Historical information is
not necessarily indicative of future performance.
SOURCE First Midwest Bancorp, Inc.
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Related links:
http://www.firstmidwest.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/122621.html
CONTACT:
Steven H. Shapiro of First Midwest Bancorp,
+1-630-875-7345
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