ITASCA, Ill., Dec. 31 /PRNewswire-FirstCall/ -- First Midwest Bancorp,
Inc. (Nasdaq: FMBI) today announced that it completed its acquisition of
CoVest Bancshares, Inc. (Nasdaq: COVB), a $624 million bank holding company
with three full-service offices located in the fast-growing northwest Chicago
suburbs of Des Plaines, Arlington Heights and Schaumburg. First Midwest paid
$27.45 per CoVest share, or approximately $102.5 million in the aggregate.
"We are pleased to have completed the acquisition of CoVest as quickly as
we projected," said John O'Meara, President and Chief Executive Officer of
First Midwest Bancorp. "The strategically located branches that we acquired
from CoVest, together with the acquisition of the O'Hare Financial Center
earlier in 2003, rounds out our delivery footprint in the northwest suburbs of
Chicago. We expect to use these three new branches as additional selling
platforms in those communities for the full range of banking and trust
services that we provide to all of our customers."
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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