First Midwest Bancorp, Inc. Declares Quarterly Dividends

Rhea-AI Summary

First Midwest Bancorp has declared a quarterly cash dividend of $0.14 per share, payable on April 13, 2021. This marks the company's 153rd consecutive dividend paid since 1983. Additionally, a dividend of $17.50 per share on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock will be paid on May 20, 2021. The company also announced the resumption of its stock repurchase program, with an authorization of up to $200 million, aimed at enhancing shareholder value.

Positive

• Quarterly cash dividend of $0.14 per share.
• 153rd consecutive dividend payments since inception.
• Resumption of stock repurchase program worth up to $200 million.

Negative

• None.

Resumes Stock Repurchase Program

CHICAGO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. (the “Company” or “First Midwest”) today announced that its Board of Directors declared a quarterly cash dividend of $0.14 per share on the Company’s common stock. This quarterly cash dividend will be payable on April 13, 2021 to common stockholders of record on March 26, 2021 and will represent the 153^rd consecutive cash dividend paid by First Midwest since its inception in 1983.

In addition, the Board of Directors declared a quarterly cash dividend of $17.50 per share (equivalent to $0.4375 per depositary share or 1/40^th interest per share) on the Company’s 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ: FMBIP) and Series C (NASDAQ: FMBIO). The dividends are payable on May 20, 2021 to stockholders of record as of the close of business on May 5, 2021.

The Company also announced today that it will resume purchases under its existing stock repurchase program, which was approved by the Board of Directors in February 2020 and which authorizes the repurchase of up to $200 million of the Company’s common stock. The resumption of the stock repurchase program allows the Company to continue to deliver on its commitment to create long-term shareholder value while remaining focused on helping its clients achieve financial success.

About First Midwest

First Midwest (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 $14 billion of assets under management. First Midwest Bank and the Company’s 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.

Investors: Patrick S. Barrett EVP, Chief Financial Officer 708.831.7231 pat.barrett@firstmidwest.com

Media: Maurissa Kanter SVP, Director of Corporate Communications 708.831.7345 maurissa.kanter@firstmidwest.com