First Midwest Bancorp | banks in the United States

First Midwest Bancorp, Inc is headquartered in Chicago, Illinois, just east of O’Hare Airport. The company’s predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, southeast Wisconsin, and the Quad Cities area including Iowa. First Midwest Bank is one of the largest banking institutions in the United States

First Midwest Bank provides retail and business banking through more than 125 branches. In 2006, First Midwest acquired Bank Calumet for $307 million in cash, expanding its presence in the northwest Indiana area.

First Midwest Bancorp | banks in the United States

 

First Midwest Bancorp | banks in the United States

 

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.

On April 23, 2010, First Midwest Bank acquired Peotone Bank, taking on $130 million in assets and $127 million in deposits in a transaction facilitated by the Federal Deposit Insurance Corporation.

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.

 

First Midwest Bancorp | banks in the United States

1

First Midwest Bank assumed Waukegan Savings Bank’s $77 million in deposits and $89 million in assets following its closure by the FDIC. The two Waukegan branches will open as First Midwest locations.

The company acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois.

In 2021, First Midwest announced a merger with Old National Bank, combining the company’s assets, retaining the Old National name, and maintaining headquarters in Chicago and Evansville.

In the aftermath of the Great Depression, C.D. Oberwortmann, Andrew Barber and Frank Turk made a personal commitment to bring quality banking back to the Joliet, Illinois area. In 1940, they founded Union National Bank and Trust Company of Joliet.

First Midwest Bancorp | banks in the United States

The bank’s original slogan was “The Friendly Bank,” which summarized the founders’ commitment to creating an institution that, first and foremost, served its community by making banking services conveniently available to customers. Since then, First Midwest has grown and evolved significantly, but our mission remains unchanged: helping our clients achieve financial success in the communities in which we live and work.

  • 1940 – Andrew Barber, C.D. Oberwortmann, and Frank Turk opened the Union National Bank and Trust of Joliet.
  • 1940 – 1970 – Expanded presence in the northern and western suburbs of Chicago, southern Illinois, and the Quad Cities.
  • 1982 – Working with the Illinois Bankers Association, shaped the new Illinois Banking Act that allowed banks to form multi-bank holding companies
  • 1983 – Merged 20 banks under First Midwest Bancorp, the largest number of banks consolidated at one time in Federal Reserve history.
  • 1983 – FMBI began trading on NASDAQ
  • 1983 – Developed the current First Midwest corporate logo
  • 1987 – Appointed Robert O’Meara as CEO
  • 1995 – Expanded into western Iowa; First Midwest’s first interstate acquisition
  • 1995 – Consolidated four bank charters into a single bank in Illinois

 

First Midwest Bancorp | banks in the United States

 

Leave a Comment