ITASCA, Ill., July 9 /PRNewswire-FirstCall/ -- First Midwest Bancorp, Inc.
("First Midwest") (Nasdaq: FMBI) today reported that its subsidiary bank,
First Midwest Bank (the "Bank") entered into an agreement with the Federal
Reserve Bank of Chicago and the Illinois Office of Banks and Real Estate to
enhance its compliance with all applicable federal and state laws, rules and
regulations relating to anti-money laundering policies and procedures. Citing
the common goal of the Bank and its regulators to fully address all cited
deficiencies, the Bank has agreed to author a written compliance plan as well
as to complete a compliance review of certain customer transactions since the
date of the last prior satisfactory regulatory review.
Based upon preliminary communication with field examiners in the first
quarter of this year, the Bank has conducted a comprehensive review of policy,
procedure, systems and manpower addressing these important areas. Management
believes that the remediation timeframes communicated in the written agreement
are achievable based upon the work accomplished prior to the signing of this
agreement. Management further believes that compliance with this agreement
will have no negative effect on First Midwest's financial condition,
liquidity, capital resources or operations.
"Since first learning of the deficiencies in this area, we have worked
diligently and cooperatively with the Federal Reserve and the State of
Illinois to aggressively and comprehensively correct these problems," said
Chief Executive Officer John M. O'Meara. "Based on our long history of risk
management and regulatory compliance, I am confident that this will be timely
resolved."
Safe Harbor Statement
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 2003 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
CONTACT:
Michael L. Scudder, Group EVP - Chief
Financial Officer of First Midwest Bancorp, Inc., +1-630-875-7283
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