CONTACT: James M. Roolf FOR IMMEDIATE RELEASE (630) 875-7452 TRADED: NASDAQ/NMS SYMBOL: FMBI FIRST MIDWEST SPLITS STOCK 5-FOR-4 - INCREASES CASH DIVIDEND 19% ITASCA, IL., NOVEMBER 21, 1996--First Midwest Bancorp, Inc. (NASDAQ/NMS:FMBI) today announced that its Board of Directors declared a five (5) shares for four (4) shares common stock split and increased the cash dividend by 19%. As a result of the stock split, shareholders of record as of December 1, 1996 will receive one additional share of First Midwest common stock for every four shares owned. Shareholders entitled to fractional shares will receive cash in lieu of fractional certificates based on the average of the daily closing prices of the Company's common stock for the five (5) trading days immediately preceding the record date of December 1, 1996. The new shares and any cash in lieu of fractional certificates will be issued on December 16, 1996. The new cash dividend of $.20 per share will be paid on January 21, 1997 to shareholders of record on December 27, 1996. The dividend will be paid both on current outstanding shares and newly issued shares as a result of the stock split. This is the second dividend increase declared in 1996 and the fifth increase in the last four years. Robert P. O'Meara, President and CEO of First Midwest Bancorp, Inc. stated that "the 25% increase in outstanding shares resulting from the stock split should generate wider distribution and improved marketability of our shares while the significant increase in the cash dividend is consistent with our growth in earnings and future prospects". The common stock split and increase in cash dividend follows the Company's announcement last week of its intention to repurchase up to 900,000 or 6.6% of its shares outstanding. In other matters, the Board of Directors fixed April 16, 1997 as the date of the 1997 Annual Shareholders Meeting. With assets of $3.1 billion, First Midwest is Illinois' third largest bank holding company providing commercial banking, trust, investment management and mortgage services in northern Illinois and eastern Iowa. # # # 2