ITASCA, Ill., Nov. 13 /PRNewswire-FirstCall/ -- First Midwest Bancorp,
Inc. (Nasdaq: FMBI) today announced that it completed the previously announced
sale of its two branches in rural Streator, Illinois to The First National
Bank of Ottawa, Ottawa, Illinois. As part of the transaction, First Midwest
sold approximately $70 million in deposits and $12 million in loans in
addition to the two branch locations.
"This acquisition was completed on schedule and is an excellent result for
all constituencies involved," said John O'Meara, President and Chief Executive
Officer of First Midwest. "First National Bank of Ottawa is a significant
financial institution in LaSalle County and is an excellent fit for our former
employees and customers."
First Midwest expects to record a pretax gain of approximately
$4.7 million. First Midwest anticipates that this gain will be offset by costs
it incurred during fourth quarter 2003 to initiate further balance sheet
restructuring and by certain nonrecurring expenses it expects to incur as part
of its previously announced proposed acquisition of CoVest Bancshares, Inc.
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,
+1-630-875-7345
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