ITASCA, Ill., July 9 /PRNewswire/ -- First Midwest Bancorp, Inc.
(Nasdaq: FMBI) today announced that its banking subsidiary, First Midwest
Bank, has converted from a national banking association to an Illinois banking
corporation with full fiduciary powers and will continue to operate under the
name "First Midwest Bank". In a related transaction, First Midwest's trust
subsidiary, First Midwest Trust Company, Illinois' sixth largest trust
operation, has merged into First Midwest Bank.
The charter conversion was effected to realize meaningful reduction in
supervisory costs estimated to be in the low six-figure range in 2001 and in
the mid six-figure range annually thereafter. More importantly, the merger of
the trust operation into the bank has significant revenue enhancement
potential arising from the more seamless, integrated commercial-trust team
delivery of trust, investment management and fiduciary services to the Bank's
numerous commercial and personal clients.
With assets of approximately $6 billion, First Midwest is the largest
independent and one of the overall largest banking companies in the highly
attractive suburban Chicago banking market. As the premier independent
suburban Chicago banking company, First Midwest provides commercial banking,
trust, investment management, fiduciary and related financial services to a
broad array of customers through some 70 offices located in more than 40
communities primarily in northern Illinois.
This Press Release contains certain forward-looking statements which
represent First Midwest's expectations and beliefs concerning reductions in
supervisory costs and related revenue enhancements resulting from the
successful integration of trust operations into First Midwest Bank. These
statements involve significant risks and uncertainties that could cause actual
results to differ materially from those set forth in the forward-looking
statements. First Midwest does not undertake any obligation to update any
forward-looking statements to reflect events or circumstances occurring after
the date of such statements.
SOURCE First Midwest Bancorp, Inc.
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Related links:
http://www.firstmidwest.com
Company News On-Call:
http://www.prnewswire.com/comp/122621.html
CONTACT:
Barbara E. Briick of First Midwest Bancorp,
Inc., 630-875-7459
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