First Midwest Bancorp
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | |
| Headquarters | Chicago , United States |
Area served | Chicago suburban areas, northwest Indiana, downstate Illinois, southeast Wisconsin, Quad Cities region including parts of Iowa |
| Products | Retail and commercial banking services |
First Midwest Bancorp, Inc. was based in Chicago, Illinois, in close proximity to O'Hare Airport. Originally founded in Joliet, Illinois, the firm extended its operations to encompass Chicago’s suburban areas, northwest Indiana, downstate Illinois, southeast Wisconsin, and the Quad Cities region including parts of Iowa. It was recognized as one of the major banking entities within the United States.
First Midwest Bank maintained a network exceeding 125 branches, providing a comprehensive range of retail and commercial banking solutions. In 2006, the company enhanced its footprint in northwest Indiana by acquiring Bank Calumet for $307 million.
From 2009 through 2012, First Midwest completed multiple acquisitions facilitated by the FDIC. These included First DuPage Bank, which involved taking on $230 million in deposits and $260 million in assets; Peotone Bank with $130 million in assets; Palos Bank and Trust Company holding $493.4 million in assets; and Waukegan Savings Bank with $89 million in assets. These strategic purchases broadened its market penetration and asset portfolio while utilizing loss-share agreements to reduce financial exposure.
To boost brand recognition, the company obtained naming rights for the First Midwest Bank Amphitheatre located in Tinley Park, Illinois.
In 2021, First Midwest declared a merger agreement with Old National Bank, uniting their assets under the Old National brand while preserving dual headquarters situated in Chicago and Evansville, Indiana. The transaction was finalized in February 2022, representing a pivotal advancement in First Midwest’s expansion and influence within the regional banking sector.