ITASCA, Ill., Sept. 17 /PRNewswire/ -- First Midwest Bancorp, Inc.
(Nasdaq: FMBI) today announced that in repurchasing its common shares pursuant
to its earlier announced repurchase plan it intends to utilize the additional
flexibility afforded by the Securities and Exchange Commission Emergency Order
of September 14, 2001.
On August 16, 2001 First Midwest announced that its Board of Directors had
approved a new stock repurchase plan authorizing the repurchase of up to
2.5 million common shares stock (6.25% of shares outstanding) with no
execution time limit. The August repurchase plan represented the 8th such
plan approved in the last 10 years pursuant to which First Midwest to date has
repurchased approximately 7.9 million common shares at an average price of
$24.37 per share and representing a total repurchase investment of
approximately $193 million.
Repurchases pursuant to the August 2001 plan will be made from time to
time dominantly in open market transactions.
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.
Safe Harbor Statement
Statements made in this Press Release which are not purely historical are
forward-looking statements with respect to the goals, plan objectives,
intentions, expectations, financial condition, results of operations, future
performance and business of First Midwest, including, without limitation, (i)
loan and deposit growth, net interest income and margin, wholesale funding
sources, provision and reserve for loan losses, nonperforming loan levels and
net charge-offs, noninterest income and expenses, and diluted earnings per
share growth rates for 2001, and (ii) statements preceded by, followed by or
that include the words "may", "would", "could", "should", "expects",
"projects", "anticipates", "believes", "estimates", "plans", "intends",
"targets" or similar expressions.
Forward-looking statements involve inherent risks and uncertainties, and
important factors (many of which are beyond First Midwest's control) that
could cause actual results to differ materially from those set forth in the
forward-looking statements, including the following, in addition to those
contained in First Midwest's reports on file with the Securities and Exchange
Commission: general economic or industry conditions, nationally and/or in the
communities in which First Midwest conducts business, changes in the interest
rate environment, legislation or regulatory requirements, conditions of the
securities markets, deposit flows, cost of funds, demand for loan products,
demand for financial services, competition, changes in the quality or
composition of First Midwest's loan and investment portfolios, changes in
accounting principals, policies or guidelines, other economic, competitive,
governmental, regulatory and technical factors affecting First Midwest's
operations, products, services and prices.
Accordingly, results actually achieved may differ materially from expected
results in these statements. Forward-looking statements speak only as of the
date they are made. First Midwest does not undertake, and specifically
disclaims, 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:
Donald J. Swistowicz, Chief Financial Officer
of First Midwest Bancorp, +1-630-875-7460
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