First Midwest Bancorp, Inc. Declares Cash Dividend on Series A and C Preferred Stock

Rhea-AI Summary

On July 27, 2020, First Midwest Bancorp announced a quarterly cash dividend of $17.50 per share on its 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (FMBIP), and $11.08 per share on Series C (FMBIO). These dividends are payable on August 20, 2020 to stockholders on record by August 5, 2020. The company continues to demonstrate its commitment to returning value to shareholders while managing approximately $21 billion in assets and $13 billion in assets under management.

Positive

• Quarterly cash dividend of $17.50 on Series A stock and $11.08 on Series C stock reflects ongoing shareholder value.
• Company manages approximately $21 billion in assets, indicating strong financial foundation.

Negative

• None.

News Market Reaction – FMBI

-4.01%

-4.01% Session move

In the trading session that priced this news, FMBI declined 4.01%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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CHICAGO, July 27, 2020 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. (the “Company” or “First Midwest”), today announced that its 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 First Midwest’s 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ: FMBIP), issued on May 20, 2020, and $11.08 per share (equivalent to $0.277 per depositary share or 1/40^th interest per share) on First Midwest’s 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C (NASDAQ: FMBIO), issued on June 24, 2020. The dividends are payable on August 20, 2020 to stockholders of record as of the close of business on August 5, 2020.

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 $13 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. 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 are the dividend amounts declared by First Midwest Bancorp?

The dividends declared are $17.50 per share for Series A and $11.08 per share for Series C.

When are the dividends payable for First Midwest Bancorp?

The dividends are payable on August 20, 2020.

What is the record date for dividends for First Midwest Bancorp?

The record date for the dividends is August 5, 2020.

What are the stock symbols for First Midwest Bancorp's preferred shares?

The stock symbols are FMBIP for Series A and FMBIO for Series C.

How much total assets does First Midwest Bancorp manage?

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