ITASCA, Ill., Aug. 22 /PRNewswire-FirstCall/ --
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 3 million, or 6.3%, of its common shares outstanding. In approving
the new plan, the Board rescinded the repurchase plan approved in August 2001
under which some 690,000 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 ninth approved in the last eleven years pursuant to which
to date approximately 11.4 million common shares have been repurchased at an
average price of $20.99 per share, representing a total repurchase investment
of approximately $239 million.
The Company also announced the declaration of a quarterly cash dividend on
its common stock of $0.17 per share. The dividend will be payable October 22,
2002 to shareholders of record on September 27, 2002 and represents the 79th
consecutive quarterly dividend distribution since 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 69 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/gh/cnoc/comp/122621.html
CONTACT:
Barbara E. Briick of First Midwest Bancorp,
Inc., +1-630-875-7459
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