First Midwest Obtains Certification to Participate in the BankOn Program

Rhea-AI Summary

First Midwest Bank has been certified to join the Cities for Financial Empowerment Fund’s BankOn program, aimed at providing unbanked households with safe, affordable banking services. With millions lacking access to conventional banking, this initiative supports financial equity and inclusion. The certified Foundation Checking account features low minimum deposits, no monthly fees, and no overdraft charges. Customers must complete a Financial Education program to qualify. First Midwest, a significant player in the financial sector, manages approximately $35 billion in assets.

CHICAGO, July 14, 2021 (GLOBE NEWSWIRE) --  First Midwest Bank today announced it has been certified to participate in the Cities for Financial Empowerment Fund’s BankOn program, which provides unbanked households with access to safe and affordable banking services.

“Millions of American households, and particularly those in disadvantaged populations, do not have access to conventional and affordable banking products and services to support their basic financial needs,” said Mark Sander, President and Chief Operating Officer at First Midwest Bank. “Our participation in the BankOn program enables us to further enhance our commitment to supporting the financial interests of our communities and promote financial equity and inclusion for all.”

BankOn has certified First Midwest’s Foundation Checking account under its National Account Standards. Key features of the checking account include lower minimum opening deposit requirements, no monthly maintenance fees and no overdraft or dormant account fees. It is available to customers who complete a First Midwest Financial Education program or other approved financial program provided by a community organization.

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 $14 billion of assets under management. First Midwest Bank and First Midwest’s other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services. The primary footprint of First Midwest’s branch network and other locations is in metropolitan Chicago, southeast Wisconsin, northwest Indiana, central and western Illinois and eastern Iowa. Visit First Midwest at www.firstmidwest.com.

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

FAQ

What is the purpose of the BankOn program involving FMBI?

The BankOn program provides unbanked households access to safe and affordable banking services.

What features does the Foundation Checking account from FMBI have?

It includes low minimum opening deposits, no monthly fees, and no overdraft fees.

How do customers qualify for the Foundation Checking account at FMBI?

Customers must complete a Financial Education program to qualify for the account.

When was the announcement about FMBI’s participation in the BankOn program made?

The announcement was made on July 14, 2021.

What commitment does FMBI express through its participation in the BankOn program?

FMBI emphasizes its commitment to supporting financial equity and inclusion.