ITASCA, Ill., Nov. 15 /PRNewswire/ -- First Midwest Bancorp, Inc.
(Nasdaq: FMBI) today announced that its Board of Directors has declared a
5-for-4 common stock split and increased the quarterly cash dividend on a post
split basis to $0.17 per share.
As a result of the split, shareholders of record as of November 30, 2001
will receive one additional share of First Midwest Common Stock for every four
shares then owned. Any fractional shares resulting from the split will be
paid in cash based on the average daily closing process of the Company's
common stock for the ten trading days immediately preceding the record date.
The new shares and any cash in lieu of fractional shares will be issued on
December 14, 2001.
After giving effect to the split, the new quarterly cash dividend of
$0.17 per share will be paid on January 22, 2002 to shareholders of record on
December 28, 2001 and indicates a new annual rate of $0.68 per share.
Further, it represents both the tenth increase in cash dividends declared in
the last nine years and the 76th consecutive quarterly dividend distribution
since the Company's formation in 1983.
With assets of approximately $5.8 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 some 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, the payment of future dividends based upon
Company performance and prospects, 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, financial or political
instability, acts of war or terrorism, 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:
Barbara E. Briick of First Midwest Bancorp,
+1-630-875-7459
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