ITASCA, Ill., Aug. 16 /PRNewswire/ -- 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 common
shares or 6.25% of shares outstanding. In so doing, the Board rescinded the
former repurchase plan under which some 550,000 shares authority remained.
Effective immediately, the new plan authorizes repurchases in both open market
and privately negotiated transactions and has no execution time limit. The
new plan is the eighth approved in the last ten years pursuant to which to
date approximately 7.2 million common shares have been repurchased at an
average price of $24.11 per share representing a total repurchase investment
of approximately $173 million.
The Company also announced the declaration of a quarterly cash dividend on
its common stock of $0.20 per share, 11% higher than the dividend declared in
third quarter 2000. The new quarterly cash dividend will be payable October
23, 2001 to shareholders of record on September 28, 2001 and represents the
75th consecutive quarterly dividend distribution dating from the Company's
formation in 1983.
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 and related financial services to a broad array
of customers through 71 offices located in more than 40 communities primarily
in northern Illinois.
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., +1-630-875-7459
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