ITASCA, Ill., July 18 /PRNewswire-FirstCall/ -- First Midwest Bancorp,
Inc. (Nasdaq: FMBI) CEO, John M. O'Meara announced today the signing of a
definitive agreement with First National Bank of Ottawa, Ottawa, Illinois, to
sell the two banking branches of First Midwest Bank located in Streator,
Illinois. The agreement confirms an unsolicited overture by Ottawa to acquire
these retail deposits and loans in a transaction that strengthens its already
strong market share in rural LaSalle County. The transaction will see the
acquisition of approximately $73,000,000 in deposits and $15,000,000 in loans
as well as the two branch locations in Streator. The transaction will close
in approximately one hundred twenty days following regulatory approval.
"The strategic focus on the LaSalle County market which First National
Bank of Ottawa brings should serve our Streator customers very well," O'Meara
commented, "All of our Streator employees will remain in place with Ottawa
providing not only continuity of service to our clients but also greater in
market employment opportunities," he added.
Upon closing, First Midwest will record a pretax gain of approximately
$5,200,000. First Midwest will redeploy that capital in the strategic Chicago
collar county footprint where it is committed to further branch expansion.
With assets of approximately $6.0 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 bank holding company, First Midwest provides commercial
banking, trust, investment management and related financial services to a
broad array of customers 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, EVP, Corporate Secretary
of First Midwest Bancorp, Inc., +1-630-875-7345
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