Exhibit 99 | ||||
NewsRelease | ||||
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| First Midwest Bancorp | ||
FOR IMMEDIATE RELEASE | CONTACT: | Steven H. Shapiro | ||
TRADED: SYMBOL: | Nasdaq | |||
FIRST MIDWEST BANCORP, INC. ANNOUNCES PLACEMENT OF $125 MILLION IN TRUST PREFERRED SECURITIES | ||||
ITASCA, IL., NOVEMBER 11, 2003 -First Midwest Bancorp, Inc.(Nasdaq: FMBI) today announced the placement of $125 million in par amount of trust preferred securities. The securities will mature on December 1, 2033 and will accrue preferred dividend distributions at a rate of 6.95% per annum.
The net proceeds from the offering will be used to provide funding for the Company's previously announced acquisition of CoVest Bancshares, Inc. and for general corporate purposes. The CoVest acquisition is expected to be completed in the fourth quarter of 2003.
The securities have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This notice does not constitute an offer to sell or the solicitation of an offer to buy the securities.
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.
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