ITASCA, Ill., Nov. 26 /PRNewswire-FirstCall/ --
First Midwest Bancorp, Inc. (Nasdaq: FMBI), today announced that its
subsidiary, First Midwest Bank, will construct in 2003 three new full-service
banking centers in the Chicago suburban communities of Lindenhurst, Orland
Park and Plainfield. In making this announcement, John M. O'Meara, First
Midwest Bancorp President and soon to be CEO, stated, "The construction of
these three facilities marks the implementation of First Midwest's expansion
strategy that will see the Bank construct up to four new facilities per year.
The new facilities will be built in highly attractive markets that represent
future growth opportunities for the Bank."
The Lindenhurst office will be located near the intersection of Sandlake
Road and Rt. 45 in Lake County, and the Orland Park office will be located
near the intersection of 179th Street and Wolf Road in southwestern Cook
County. The Plainfield office will be located near the intersection of Route
30 and Van Dyke Road in Will County. The Lindenhurst and Orland Park offices
will feature over 4,500 square feet of banking space, drive-up banking lanes,
night deposit, and 24-hour drive-up ATM. The Plainfield office will
incorporate these same elements as well as space to house and service
commercial lending and cash management operations.
The new banking centers will feature First Midwest's unique "Bank of the
Future" building design that combines state-of-the-art graphics and options
with traditional banking choices. First Midwest worked with a team of
designers to develop its new branch environment allowing clients to move
through banking activities quickly and easily while providing optimum privacy
and personal attention.
"The Lindenhurst community was a strategic choice for us since we have a
growing network of branches in Lake County and a number one market share
within those communities we serve," commented O'Meara. "Orland Park and
Plainfield are important for us as well, given that both areas are
experiencing rapid growth. These additional locations will enhance our
already strong presence in these communities," he added. The Bank is
currently under contract to acquire all three pieces of property, and a
tentative construction schedule has been set which includes a Spring 2003
groundbreaking and late Fall completion. Additionally, two other sites are in
the advanced stages of negotiation and may be announced shortly.
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 some 70 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, diluted earnings per share
growth rates for 2002, and dividends to shareholders, and (ii) statements
preceded by, followed by or that include the words "may", "would", "could",
"should", "can", "will", "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, conditions of the securities markets, prepayment speeds,
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, legislation or regulatory
requirements, 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:
Michael L. Scudder, +1-630-875-7283 or James
M. Roolf, +1-630-875-7463, both of First Midwest Bancorp, Inc.
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