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The Illinois company has lined up two small acquisitions near Chicago to surpass $10 billion in assets, a mark that brings added regulatory oversight. As a result, analysts expect First Midwest to string together more deals in 2016 to increase revenue and improve efficiency.
November 12 -
Why a small bank like First Mid-Illinois ignored the conventional wisdom 'Commercial banks buy property/casualty firms.' 'Private-equity will outbid you.' 'Leave the innovation to the big guys.' and bought a retail health-insurance agency.
December 8 -
Old National is taking advantage of low interest rates by buying more than a dozen branches in solid real estate markets. An expected accounting rule change could encourage more banks to do the same.
October 23
First Midwest Bancorp in Itasca, Ill., plans to close branches and sell unwanted real estate as customers shift to online banking.
The $9.8 billion-asset company said Friday that it will close four branches and sell 12 shuttered branches during the first quarter. It also plans to sell seven land parcels it had previously acquired for potential retail expansion. It did not disclose the locations of the branches or land lots.
The moves will result in about $3.6 million of yearly pretax savings. First Midwest will record a $5.1 million after-tax valuation charge for the property sales and branch closings. The charge will reduce fourth-quarter earnings by 7 cents a share.
First Midwest's decision was based on "significant investment in the enhancement of our mobile and online delivery channels and evolving consumer preferences," Michael Scudder, its chief executive, said in a press release.
First Midwest also said it will open two branches in the first quarter, one in downtown Chicago and one in Naperville, Ill.
First Midwest made a series of acquisitions in the second half of 2015, which
