First Midwest Announces Plans to Optimize Retail Branch Network

Rhea-AI Summary

First Midwest Bancorp, Inc. announced plans to optimize its retail branch network as part of its commitment to client needs. By the end of 2020, 23 branch lobbies will reopen after COVID-19 closures, and in early 2021, 17 branches will be consolidated, representing a 15% reduction. Despite these changes, the bank will maintain a strong presence with 105 locations in the Chicagoland area, ensuring minimal impact on client access. The move reflects a shift towards digital banking, a trend accelerated by the pandemic, as stated by COO Mark Sander.

Positive

• Retention of 105 branch locations ensures strong market presence.
• Reopening of 23 branches improves client accessibility.

Negative

• Consolidation of 17 branches may lead to reduced physical presence.
• Shift towards digital banking indicates declining reliance on traditional branches.

CHICAGO, Oct. 15, 2020 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. today announced plans to optimize its retail branch network as part of its ongoing commitment to best meet the evolving needs and preferences of its clients. By the end of 2020, First Midwest will fully re-open the lobbies of 23 branches that were closed due to the COVID-19 pandemic. In early 2021, it will consolidate 17 branches, or approximately 15% of its branch network.

Following these actions, First Midwest’s branch distribution network will remain one of the largest in the Chicagoland area, serving clients from 105 locations. The branch consolidations will have minimal impact on market coverage for First Midwest clients. Nearly all locations are within close proximity of another First Midwest branch, and approximately half have been closed over the past six months due to the pandemic.

“Our clients are increasingly favoring a more digital banking experience, which has been amplified and accelerated due to the COVID-19 pandemic,” said Mark Sander, President and Chief Operating Officer of First Midwest. “These steps will enable us to continue to provide award-winning service to our clients no matter how they choose to engage with us – whether it’s through our robust branch network and a community banking experience they value or through our state-of-the-art online and mobile platforms and capabilities.”

About First Midwest

First Midwest Bancorp, Inc. (NASDAQ: FMBI) is a relationship-focused financial institution and one of the largest independent publicly traded bank holding companies based on assets headquartered in Chicago and the Midwest, with approximately $21 billion of assets and an additional $13 billion of assets under management. First Midwest Bank and its other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services. First Midwest operates branches and other locations throughout metropolitan Chicago, southeast Wisconsin, northwest Indiana, eastern Iowa and other markets in the Midwest. Visit First Midwest at www.firstmidwest.com.

CONTACTS:

Investors	Media
Patrick S. Barrett	Maurissa Kanter
EVP, Chief Financial Officer	SVP, Director of Corporate Communications
708.831.7231	708.831.7345
pat.barrett@firstmidwest.com	maurissa.kanter@firstmidwest.com

FAQ

What is the significance of First Midwest's branch consolidation in 2021?

First Midwest will consolidate 17 branches in early 2021, reducing its branch network by approximately 15%, aiming to optimize its retail presence.

How many branches will First Midwest reopen by the end of 2020?

First Midwest will reopen 23 branch lobbies that were closed due to the COVID-19 pandemic by the end of 2020.

What is the current asset size of First Midwest Bancorp?

First Midwest Bancorp has approximately $21 billion in assets and an additional $13 billion in assets under management.

What is the stock symbol for First Midwest Bancorp?

The stock symbol for First Midwest Bancorp is FMBI.