ITASCA, Ill., Nov. 11 /PRNewswire-FirstCall/ -- First Midwest Bancorp,
Inc. (Nasdaq: FMBI) today announced the placement of $125 million in par
amount of trust preferred securities. The securities will mature on
December 1, 2033 and will accrue preferred dividend distributions at a rate of
6.95% per annum.
The net proceeds from the offering will be used to provide funding for the
Company's previously announced acquisition of CoVest Bancshares, Inc. and for
general corporate purposes. The CoVest acquisition is expected to be
completed in the fourth quarter of 2003.
The securities have not been registered under the Securities Act and may
not be offered or sold in the United States absent registration or an
exemption from the registration requirements. This notice does not constitute
an offer to sell or the solicitation of an offer to buy the securities.
First Midwest is the premier relationship-based banking franchise in the
wealthy and growing suburban Chicago banking markets. As the largest
independent bank holding company and one of the overall largest banking
companies in the Chicago metropolitan area, First Midwest provides the full
range of both business and retail banking, trust and investment management
services 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
CONTACT:
Steven H. Shapiro of First Midwest Bancorp,
Inc., +1-630-875-7345
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