First Midwest Bancorp, Inc. is a Delaware corporation incorporated in 1982
and headquartered in the Chicago suburb of Itasca, Illinois. The Company is
one of Illinois largest independent publicly-traded banking companies, and
is registered under the Bank Holding Company Act of 1956, as amended (the "BHC
Act"). The Companys common stock, $0.01 par value per share ("Common
Stock"), is listed on the NASDAQ Stock Market and trades under the symbol
"FMBI."
In 1983, the Company became a bank holding company through the simultaneous
acquisition of over 20 affiliated financial institutions. Our principal subsidiary,
First Midwest Bank (the "Bank"), is an Illinois state-chartered bank
and provides a broad range of banking, treasury, and wealth management products
and services, to commercial and industrial, commercial real estate, municipal,
and consumer customers. The Bank operates primarily throughout the Chicago metropolitan
area as well as northwest Indiana, central and western Illinois, and eastern
Iowa through 107 banking locations.
The Company maintains a philosophy that focuses on helping its customers achieve
financial success through its long-standing commitment to delivering highly-personalized
service. The Company has grown and expanded its market footprint by opening
new locations, growing existing locations, enhancing its internet and mobile
capabilities, and acquiring financial institutions, branches, and non-banking
organizations. As of December 31, 2015, the Company and its subsidiaries employed
a total of 1,790 full-time equivalent employees.
Subsidiaries
The Company is responsible for the overall conduct, direction, and performance
of its subsidiaries. In addition, the Company provides various services to its
subsidiaries, establishes policies and procedures, and provides other resources
as needed, including capital. As of December 31, 2015, the following were the
Companys primary subsidiaries:
First Midwest Bank
The Bank, through its predecessors, has provided banking services for over 75
years and offers a variety of financial products and services, that are designed
to meet the financial needs of the customers and communities it serves.
The Bank operates the following wholly owned subsidiaries:
First Midwest Equipment Finance Co. ("FMEF"), an Illinois corporation
providing equipment leasing and commercial financing alternatives to traditional
bank financing.
First Midwest Securities Management, LLC, a Delaware limited liability company
managing investment securities.
Synergy Property Holdings, LLC, an Illinois limited liability company managing
the majority of the Banks Other Real Estate Owned ("OREO") properties.
First Midwest Holdings, Inc., a Delaware corporation managing investment securities,
principally municipal obligations, and providing corporate management services
to its wholly owned subsidiary, FMB Investments Ltd., a Bermuda corporation.
FMB Investments Ltd. manages investment securities.
Catalyst Asset Holdings, LLC ("Catalyst"), an Illinois limited liability
company, manages certain non-performing assets of the Company. Catalyst has
one wholly owned subsidiary, Restoration Asset Management, LLC ("Restoration"),
an Illinois limited liability company that manages Catalysts OREO properties.
Parasol Investment Management, LLC ("Parasol"), a Delaware limited
liability company, is a registered investment advisor under the Investment Advisors
Act of 1940. Parasol provides wealth management services to the Banks wealth
management division and to individual and institutional customers.
First Midwest Capital Trust I, Great Lakes Statutory Trust II, and Great Lakes
Statutory Trust III
First Midwest Capital Trust I ("FMCT"), a Delaware statutory business
trust, was formed in 2003. Great Lakes Statutory Trust II ("GLST II")
and Great Lakes Statutory Trust III ("GLST III") are Delaware statutory
business trusts formed in 2005 and 2007, respectively, that were acquired through
an acquisition. These trusts were established for the purpose of issuing trust-preferred
securities and lending the proceeds to the Company in return for junior subordinated
debentures of the Company. The Company guarantees payments of distributions
on the trust-preferred securities and payments on redemption of the trust-preferred
securities on a limited basis.
The Bank has been in the business of commercial and retail banking for over
75 years, namely attracting deposits, making loans, and providing treasury and
wealth management services. The Bank operates in the most active and diverse
markets in Illinois, including the metropolitan Chicago market and central and
western Illinois. The Banks other market areas are located primarily in northwestern
Indiana and eastern Iowa. These areas include urban, suburban, and rural markets,
as well as a diversified mix of industry groups.
No individual or single group of related accounts is considered material in
relation to the assets or deposits of the Bank or in relation to the overall
business of the Company. The Bank does not engage in any sub-prime lending,
nor does it engage in investment banking activities.
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