First Midwest Bancorp, Inc. Appoints Ellen A. Rudnick as Lead Independent Director

Rhea-AI Summary

First Midwest Bancorp appoints Ellen A. Rudnick as Lead Independent Director, effective immediately. Rudnick succeeds J. Stephen Vanderwoude, who will continue serving as a board member. With a board member since 2005, Rudnick brings valuable experience in leadership and corporate governance, according to CEO Michael L. Scudder. Vanderwoude's prior contributions were acknowledged, ensuring continuity of his insights. First Midwest, a regional financial institution based in Chicago, oversees approximately $20 billion in assets.

Positive

• Ellen A. Rudnick appointed as Lead Independent Director, expected to bring valuable strategic insights.
• Continuity in leadership with J. Stephen Vanderwoude remaining on the board.

Negative

• None.

News Market Reaction – FMBI

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-0.37% News Effect

On the day this news was published, FMBI declined 0.37%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CHICAGO, May 22, 2020 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. today announced the appointment of Ellen A. Rudnick as Lead Independent Director. Ms. Rudnick succeeds J. Stephen Vanderwoude, who decided to retire as Lead Independent Director and who will continue to serve as a director of First Midwest and as a member of the Nominating and Corporate Governance and Enterprise Risk Committees.

“Since becoming a director in 2005, Ellen has always provided valuable strategic insight and important contributions to our board,” said Michael L. Scudder, Chairman and Chief Executive Officer of First Midwest. “Her extensive leadership, corporate governance and public company board experience, as well as her understanding of our company and our industry, made her an ideal choice to serve as Lead Independent Director.”

Mr. Scudder continued, “I also want to thank Steve Vanderwoude for his leadership as our first Lead Independent Director. I am pleased Steve will remain as a director so that we may continue to benefit from his knowledge, perspectives and collaborative approach.”

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 $20 billion of assets and an additional $11 billion of assets under management. First Midwest Bank, Park 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. First Midwest operates branches and other locations throughout metropolitan Chicago, southeast Wisconsin and across 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

Who is the new Lead Independent Director of First Midwest Bancorp?

Ellen A. Rudnick has been appointed as the new Lead Independent Director.

What position did J. Stephen Vanderwoude hold before retiring?

J. Stephen Vanderwoude served as Lead Independent Director before his retirement.

How long has Ellen A. Rudnick been a director at First Midwest?

Ellen A. Rudnick has been a director since 2005.

What impact may the leadership change have on First Midwest Bancorp?

The appointment of Ellen A. Rudnick is expected to enhance strategic insights, contributing positively to the company's direction.

What is First Midwest Bancorp's asset size?

First Midwest Bancorp has approximately $20 billion in assets.