First Midwest Bank

First Midwest Bank was the principal banking brand of First Midwest Bancorp, Inc., a regional American banking company headquartered in the Chicago area, east of O'Hare International Airport. Its predecessor organization traced its history to Joliet, Illinois, and the business developed from a local banking institution into a large regional franchise serving consumers, businesses, municipalities, and other organizations. The bank's core geography was metropolitan Chicago and surrounding Illinois communities. Over time, it also operated in northwest Indiana, southeastern Wisconsin, and the Quad Cities area spanning Illinois and Iowa. Its branch network exceeded 125 locations at the height of its independent operation. The business combined conventional retail banking with commercial and business banking, using branches and relationship managers to serve households and companies in the communities where it operated. Expansion was an important part of First Midwest's development. In 2006, the company acquired Bank Calumet for cash, increasing its presence in northwest Indiana. During and after the 2008 financial crisis, First Midwest also participated in several transactions involving failed or troubled banks that were facilitated by the Federal Deposit Insurance Corporation. These included the assumption of deposits and purchase of assets from First DuPage Bank in 2009, Peotone Bank in 2010, Palos Bank and Trust Company in 2010, and Waukegan Savings Bank after its closure. Such transactions helped broaden the franchise while using FDIC loss-sharing arrangements in some cases to manage credit-risk exposure. The brand also appeared in community and venue sponsorship activity. First Midwest acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois, giving the name visibility beyond its branches and financial products. First Midwest's business model centered on deposit gathering, lending, cash-management services, and other banking services for retail and commercial customers. Its geographic concentration distinguished it from nationwide banks: the company emphasized regional relationships and a network focused on the Midwest rather than a coast-to-coast branch footprint. In 2021, First Midwest Bancorp announced an agreement to merge with Old National Bancorp, the parent of Old National Bank. The transaction was completed in February 2022. The combined organization retained the Old National name, and First Midwest Bank ceased operating as an independent banking brand within the merged company. The merger marked the end of First Midwest's standalone corporate identity while transferring its banking operations and customer relationships into Old National's organization.

First Midwest Bank developed from a predecessor institution associated with Joliet, Illinois, and became the banking brand of First Midwest Bancorp, Inc. The organization subsequently established its corporate headquarters in the Chicago area, east of O'Hare Airport. Its growth reflected the consolidation and regionalization of American banking: it maintained a strong local identity while expanding beyond a single city into a multi-state Midwestern franchise. The company's principal market was the Chicago metropolitan area and its suburbs. It also extended into northwest Indiana, southeastern Wisconsin, and the Quad Cities region of Illinois and Iowa. Through a branch network of more than 125 locations, First Midwest provided retail banking to individuals and families while also supporting commercial customers. The business included deposit accounts, lending, business banking, and cash-management services, with branches and relationship-based commercial banking forming the foundation of its distribution model. An important stage of expansion came in 2006, when First Midwest acquired Bank Calumet for $307 million in cash. The deal strengthened the company's position in northwest Indiana and added to its regional footprint. The bank then expanded through a series of FDIC-assisted transactions during the period surrounding the financial crisis. In October 2009, it assumed all deposits of First DuPage Bank and purchased a substantial portion of that bank's assets at a discount, with FDIC loss-sharing protection for certain loan losses. In April 2010, it acquired Peotone Bank in another FDIC-facilitated transaction. First Midwest continued this resolution-related expansion in August 2010 by acquiring Palos Bank and Trust Company. It assumed the failed institution's deposits and essentially all of its assets, while entering into an FDIC loss-share arrangement covering a specified group of assets. It also assumed deposits and assets from Waukegan Savings Bank after that institution was closed by the FDIC; two Waukegan branches were converted to First Midwest locations. These transactions increased the bank's scale and presence in Illinois while demonstrating the role that stronger regional banks could play in absorbing failed-bank franchises. The brand's public profile was not limited to banking locations. First Midwest acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois. The sponsorship associated the bank with a major regional entertainment venue and represented a broader community-marketing approach. By the 2020s, regional-bank consolidation had again become a central strategic issue. In 2021, First Midwest Bancorp announced a merger with Old National Bancorp. The parties planned to combine their assets under the Old National name, with Chicago and Evansville remaining important corporate centers. Completion occurred in February 2022. Following the merger, First Midwest no longer operated as an independent bank brand or standalone public company, and its activities were integrated into Old National's banking organization. The history of First Midwest therefore ends as an independent regional franchise, although its branches, customers, and market relationships became part of the successor institution.

• 2022

  Merger completion

  [1]First Midwest Bancorpen.wikipedia.org

  The Old National and First Midwest combination was completed in February, ending First Midwest's independent operation.

• 2021

  Merger agreement with Old National Bancorp

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest announced an agreement to merge with Old National Bancorp and operate under the Old National name.

• 2010

  Peotone Bank transaction

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest acquired deposits and assets of Peotone Bank through an FDIC-facilitated transaction.

• 2010

  Palos Bank and Trust Company transaction

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest assumed Palos Bank and Trust Company's deposits and essentially all of its assets, with an FDIC loss-share arrangement on a defined asset pool.

• 2010

  Waukegan Savings Bank transaction

  [1]First Midwest Bancorpen.wikipedia.org

  After Waukegan Savings Bank was closed by the FDIC, First Midwest assumed its deposits and assets and converted two branches to First Midwest locations.

• 2009

  First DuPage Bank transaction

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest assumed deposits and purchased assets of First DuPage Bank in an FDIC-facilitated transaction that included loss-sharing protection.

• 2006

  Bank Calumet acquisition

  [1]First Midwest Bancorpen.wikipedia.org

  First Midwest acquired Bank Calumet for $307 million in cash, broadening its presence in northwest Indiana.

A relationship-oriented regional bank serving households, businesses, and institutions across the greater Midwest, with particular strength in the Chicago metropolitan area and adjacent markets.

• Consumer banking

  Retail banking

  First Midwest's retail banking business served consumers through its regional branch network and related banking channels. It supported ordinary household banking needs, including deposit relationships, access to funds, and consumer-oriented lending. The branch footprint was concentrated in the Chicago region and other Midwestern markets rather than distributed nationally.

• Commercial banking

  Business banking

  Business banking was directed at small and midsized companies and other commercial customers in First Midwest's service areas. The offering combined deposit services, lending relationships, operating accounts, and banking support delivered through local commercial bankers. Its regional focus allowed the bank to position local market knowledge and relationship continuity as alternatives to the more standardized approach of national banks.

• Lending

  Commercial lending

  Commercial lending formed a central part of the bank's business model. First Midwest provided credit to companies and organizations in its operating markets, alongside the deposit and treasury services needed to manage day-to-day finances. The bank also expanded its loan and deposit base through selected FDIC-assisted transactions during the post-financial-crisis period.

• Business banking services

  Treasury and cash-management services

  Treasury and cash-management services supported commercial customers with the movement, collection, and administration of operating funds. These services complemented business deposits and lending and helped First Midwest maintain broader relationships with companies than a deposit-only institution would have had.

• First Midwest Bank Amphitheatre naming-rights sponsorship

  Tinley Park, Illinois · Chicago metropolitan area

  First Midwest acquired naming rights to the amphitheatre in Tinley Park, associating the bank with a prominent regional entertainment venue and extending brand visibility beyond its banking locations.

  Outcome. The venue operated under the First Midwest Bank Amphitheatre name for a period; the supplied reference does not specify the sponsorship's end date or financial terms.

  Source

• 2021

  Agree to merge with Old National BancorpM&A

  Background

  First Midwest pursued a larger regional combination in a period of continued consolidation among American banks.

  Action taken

  First Midwest announced a merger with Old National Bancorp, with the combined organization retaining the Old National name.

  Aftermath

  The merger was completed in February 2022, ending First Midwest's independent corporate and brand operation.

  Source

• 2010

  FDIC-assisted acquisitions of Peotone, Palos, and Waukegan banking operationsM&A

  Background

  First Midwest used FDIC-assisted transactions to expand while acquiring deposits and assets from failed or troubled banking institutions.

  Action taken

  It acquired Peotone Bank in April, Palos Bank and Trust Company in August, and assumed Waukegan Savings Bank deposits and assets after that bank's closure.

  Aftermath

  The transactions increased First Midwest's Illinois scale and added branches and customer relationships, with FDIC loss-sharing used in some transactions.

  Source

• 2009

  Assume First DuPage Bank deposits and purchase assetsM&A

  Background

  First DuPage Bank was handled through an FDIC-facilitated transaction during the financial-crisis period.

  Action taken

  First Midwest assumed approximately $230 million in deposits and agreed to purchase approximately $260 million in assets at a discount, with FDIC loss-sharing protection for specified loan losses.

  Aftermath

  The transaction added First DuPage customers and assets to First Midwest's Illinois franchise.

  Deposits assumed and assets purchased. $230 million deposits; approximately $260 million assets (October 23, 2009)

  Source

• 2006

  Acquire Bank CalumetM&A

  Background

  First Midwest sought to extend its regional banking presence into northwest Indiana.

  Action taken

  The company acquired Bank Calumet for $307 million in cash.

  Aftermath

  The transaction expanded First Midwest's northwest Indiana franchise.

  Cash acquisition price. $307 million (2006)

  Source

1. 1First Midwest Bancorpen.wikipedia.org