First Midwest Bancorp

First Midwest Bancorp, Inc. was a United States bank holding company headquartered in Chicago, Illinois, near O'Hare International Airport. Its banking predecessor traced its roots to Joliet, Illinois, and the organization developed into a regional banking group serving communities across metropolitan Chicago and other parts of the Midwest. Through its principal banking subsidiary, First Midwest Bank, the company offered retail and business banking through a network of more than 125 branches. The company’s operating footprint centered on Illinois, including the Chicago suburbs and downstate communities, while also extending into northwest Indiana, southeastern Wisconsin, and the Quad Cities region of Illinois and Iowa. Its business was based on conventional community and commercial banking activities, including deposit-taking, lending, and related services for individuals, businesses, and local institutions. First Midwest used acquisitions both to expand its geographic reach and to add deposits, loans, branches, and customers. A notable expansion came in 2006, when First Midwest acquired Bank Calumet for $307 million in cash. The transaction strengthened its presence in northwest Indiana. During and after the 2008–2009 financial crisis, the bank also expanded through several transactions involving failed or distressed institutions and assistance from the Federal Deposit Insurance Corporation. In October 2009, it acquired specified deposits and loans of First DuPage Bank, assumed approximately $230 million of deposits, and purchased approximately $260 million of assets at a discount. In 2010, it acquired Peotone Bank in an FDIC-facilitated transaction, followed by the assumption of deposits and purchase of assets from Palos Bank and Trust Company. It also assumed deposits and assets from Waukegan Savings Bank after that institution was closed by regulators. Beyond conventional branch banking, the company pursued local-market visibility through naming rights, including the First Midwest Bank Amphitheatre in Tinley Park, Illinois. This reflected the company’s emphasis on regional recognition and community presence rather than a nationwide consumer brand position. In 2021, First Midwest announced an agreement to merge with Old National Bank, a transaction structured to combine the two banking organizations while retaining the Old National name and maintaining headquarters in both Chicago and Evansville. The merger was completed in February 2022. Following completion, First Midwest Bancorp ceased to operate as an independent public company and its banking operations were integrated into Old National’s organization. The First Midwest name therefore represents a former regional banking franchise rather than an active standalone bank holding company.

First Midwest Bancorp developed from a banking predecessor associated with Joliet, Illinois, and was established as a bank holding company in 1983. From its Chicago-area base, the organization built a regional franchise through a combination of branch expansion, conventional commercial banking, and acquisitions of smaller financial institutions. Its principal subsidiary, First Midwest Bank, served consumers and businesses through a branch network concentrated in Illinois and extending into northwest Indiana, southeastern Wisconsin, and the Quad Cities area of Illinois and Iowa. The company’s strategy emphasized local-market banking. Retail customers were served through deposit and branch services, while business customers used commercial banking and lending relationships. First Midwest also sought to strengthen its market position through acquisitions. In 2006, the company acquired Bank Calumet for $307 million in cash, giving it a larger presence in northwest Indiana. The financial crisis period produced a series of FDIC-assisted transactions. On October 23, 2009, First Midwest acquired specified deposits and loans of First DuPage Bank, a failed institution based in Westmont, Illinois. First Midwest assumed approximately $230 million of deposits and purchased approximately $260 million of assets at a discount, with an FDIC loss-share arrangement covering specified loan losses. In April 2010, it acquired Peotone Bank, taking on approximately $130 million in assets and $127 million in deposits. In August 2010, it assumed the deposits and essentially all assets of Palos Bank and Trust Company. That transaction involved approximately $493.4 million in total assets and $467.8 million in deposits as of June 30, 2010, together with FDIC loss-share protection on a portion of the assets. First Midwest also assumed deposits and assets from Waukegan Savings Bank after that institution was closed by the FDIC; two Waukegan branches subsequently reopened under the First Midwest name. The brand also appeared in community and venue marketing. First Midwest acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois, associating the bank with a prominent regional entertainment venue and reinforcing its local identity. By the 2020s, consolidation had become a major strategic consideration for regional banks. In 2021, First Midwest announced a merger with Old National Bank. The planned combination would operate under the Old National name while preserving headquarters presence in Chicago and Evansville. The transaction was completed in February 2022. First Midwest Bancorp consequently stopped operating as an independent public bank holding company, and its franchise became part of Old National Bancorp. Its history is therefore characterized by regional expansion, FDIC-assisted bank acquisitions, and eventual absorption into a larger Midwestern banking group.

• 2022

  Merger completed

  [1]First Midwest Bancorpen.wikipedia.org

  The Old National merger was completed in February, ending First Midwest Bancorp’s independent operations.

• 2021

  Merger with Old National announced

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest announced a merger with Old National Bank under the Old National name.

• 2010

  Peotone Bank acquisition

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest acquired Peotone Bank and assumed approximately $130 million in assets and $127 million in deposits.

• 2010

  Palos Bank and Trust transaction

  [1]First Midwest Bancorpen.wikipedia.org

  The company assumed Palos Bank and Trust Company deposits and essentially all of its assets through an FDIC-assisted transaction.

• 2010

  Waukegan Savings Bank transaction

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest assumed Waukegan Savings Bank deposits and assets after the institution was closed by the FDIC.

• 2009

  First DuPage Bank transaction

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest acquired selected deposits and loans of First DuPage Bank in an FDIC-facilitated transaction.

• 2006

  Bank Calumet acquisition

  [1]First Midwest Bancorpen.wikipedia.org

  The company acquired Bank Calumet for $307 million in cash, expanding its presence in northwest Indiana.

• 1983

  First Midwest Bancorp is established

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest Bancorp was established as a United States bank holding company connected to a banking predecessor based in Joliet, Illinois.

Regional community and commercial bank holding company focused on branch-based banking and Midwestern markets.

• Consumer banking

  Retail banking

  First Midwest Bank provided branch-based retail banking for consumers across its Midwestern service area. The offering centered on deposit relationships and other standard personal banking services delivered through a network of more than 125 branches. Retail banking was an important part of the company’s community-bank identity and supported its presence in Chicago-area suburbs and other Illinois markets.

• Commercial banking

  Business banking

  Business banking served commercial customers and local enterprises through relationship-based banking. The platform included business deposits, lending, and related banking services. First Midwest’s geographic concentration in Illinois and neighboring Midwestern states allowed it to position business banking around local knowledge and branch accessibility rather than nationwide scale.

• Lending

  Commercial lending

  Commercial lending formed part of First Midwest’s broader business-banking activities. The bank acquired and originated loan relationships for businesses and participated in FDIC-assisted transactions involving loan portfolios. These activities complemented its deposit franchise and helped the company operate as a regional commercial bank serving communities around Chicago and elsewhere in the Midwest.

• First Midwest Bank Amphitheatre naming-rights program

  Tinley Park, Illinois · Chicago metropolitan area

  First Midwest acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, associating the banking brand with a major regional entertainment venue.

  Outcome. The venue operated under the First Midwest Bank Amphitheatre name for a period, extending the bank’s visibility beyond branches and financial products.

  Source

• 2021

  Merge with Old National BankM&A

  Background

  First Midwest pursued a combination with another Midwestern banking organization as regional-bank consolidation continued.

  Action taken

  First Midwest announced a merger with Old National Bank, with the combined company retaining the Old National name and headquarters presence in Chicago and Evansville.

  Aftermath

  The merger closed in February 2022, and First Midwest Bancorp ceased to operate as an independent public company.

  Source

• 2006

  Acquire Bank CalumetM&A

  Background

  First Midwest sought to expand its regional banking footprint, particularly in northwest Indiana.

  Action taken

  The company acquired Bank Calumet for $307 million in cash.

  Aftermath

  The transaction expanded First Midwest’s presence in northwest Indiana.

  Cash acquisition price. $307 million (2006)

  Source

1. 1First Midwest Bancorpen.wikipedia.org