First Midwest Bank
|Headquarters||1 Pierce Place
Itasca, Illinois, U.S.
Number of locations
|97 branches at 2008-12-31 |
|Chicago metropolitan area
Illinois, Indiana, Iowa
Number of employees
|1,794 FTE (2008-12-31)|
|Parent||First Midwest Bancorp, Inc.|
- For other banks with a similar name, see First Bank.
First Midwest Bank, the main banking subsidiary of First Midwest Bancorp, Inc., a publicly held company, began in Joliet, Illinois. From there they grew to serve many Chicago suburbs, downstate Illinois and the Quad Cities area. First Midwest has its headquarters located in Itasca, just west of O'Hare Airport.
On October 23, 2009, First Midwest Bank acquired certain deposits and loans of Westmont-based First DuPage Bank in a transaction facilitated by the Federal Deposit Insurance Corporation. First Midwest Bank agreed to assume all of the deposits - $230 million, and agreed to purchase approximately $260 million in assets at a discount of $32 million. First Midwest Bank entered into a loss-share transaction with the FDIC providing First Midwest Bank with protection from the FDIC for loan losses.
First Midwest Bank provides retail and business banking in 67 branches in over 40 towns throughout Illinois, Indiana and Iowa. In 2006, Bank Calumet merged with First Midwest expanding its presence in the northwest Indiana area. First Midwest is the 2004 recipient of the Illinois Bank Community Service Award and was cited by Chicago magazine in its September 2004 issue as one of the 25 best places to work in Chicago, the only bank to receive the award.
On August 13, 2010, First Midwest acquired Palos Bank and Trust Company in a transaction facilitated by the Federal Deposit Insurance Corporation. Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits, as of June 30, 2010. First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Palos Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. The FDIC and First Midwest Bank entered into a loss-share transaction on $343.8 million of Palos Bank and Trust Company's assets.