For other banks with a similar name, see First Bank

First Bank (disambiguation)

First Bank is the name used by various financial institutions worldwide. The term, either as whole or as part of a combination of names, may refer to:-International:* First National Bank , a name used by various banks worldwide...

.

First Midwest Bank, the main banking subsidiary of First Midwest Bancorp, Inc.

First Midwest Bancorp, Inc.

First Midwest Bancorp, Inc is headquartered in Itasca, Illinois, just west of O'Hare Airport. The company's predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, and the Quad Cities area...

, a publicly-held company, began in Joliet, Illinois

Joliet, Illinois

Joliet is a city in Will and Kendall Counties in the U.S. state of Illinois, located southwest of Chicago. It is the county seat of Will County. As of the 2010 census, the city was the fourth-most populated in Illinois, with a population of 147,433. It continues to be Illinois' fastest growing...

. From there they grew to serve many Chicago

Chicago

Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...

 suburbs, downstate Illinois

Downstate Illinois

Downstate Illinois refers to all of Illinois outside of the Chicago metropolitan area. This term is flexible, but because it is generally meant to refer to everything outside the Chicago-area, some cities in Northern Illinois, such as Rockford and DeKalb, , are considered to be "downstate".The term...

 and the Quad Cities

Quad Cities

The Quad Cities is a group of five cities straddling the Mississippi River on the Iowa–Illinois boundary. These cities, Davenport and Bettendorf and Rock Island, Moline, and East Moline , are the center of the Quad Cities Metropolitan Area, which, as of 2010, had an estimated population of...

 area. First Midwest has its headquarters located in Itasca

Itasca, Illinois

Itasca is a village in DuPage County, Illinois, United States. The population was 8,302 at the 2000 census.In 2009, BusinessWeek rated Itasca as the 'Best Affordable Suburb' in the state of Illinois...

, just west of O'Hare Airport.

On October 23, 2009, First Midwest Bank acquired certain deposits and loans of Westmont

Westmont, Illinois

Westmont is a village in DuPage County, Illinois, United States. Westmont is a community of six square miles in area, with a 2007 population of 26,211...

-based First DuPage Bank in a transaction facilitated by the Federal Deposit Insurance Corporation. First Midwest Bank agreed to assume all of the deposits - $230 million, and agreed to purchase approximately $260 million in assets at a discount of $32 million. First Midwest Bank entered into a loss-share transaction with the FDIC providing First Midwest Bank with protection from the FDIC for loan losses.

First Midwest Bank provides retail

Retail

Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...

 and business

Business

A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...

 banking in 67 branches in over 40 towns throughout Illinois

Illinois

Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...

, Indiana

Indiana

Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

 and Iowa

Iowa

Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...

. In 2006, Bank Calumet merged with First Midwest expanding its presence in the northwest Indiana area. First Midwest is the 2004 recipient of the Illinois Bank Community Service Award and was cited by Chicago

Chicago (magazine)

Chicago is a monthly magazine published by the Tribune Company. It concentrates on lifestyle and human interest stories, and on reviewing restaurants, travel, fashion, and theatre from or nearby Chicago. Its circulation in 2004 was 165,000, larger than People in its market...

magazine in its September 2004 issue as one of the 25 best places to work in Chicago, the only bank to receive the award.

On August 13, 2010, First Midwest acquired Palos Bank and Trust Company in a transaction facilitated by the Federal Deposit Insurance Corporation. Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits, as of June 30, 2010. First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Palos Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. The FDIC and First Midwest Bank entered into a loss-share transaction on $343.8 million of Palos Bank and Trust Company's assets.

The company acquired naming rights to the First Midwest Bank Amphitheatre

First Midwest Bank Amphitheatre

First Midwest Bank Amphitheatre is an outdoor music venue, in Chicago's southwest suburb of Tinley Park, Illinois, that opened in 1990. It is one of the largest music venues in the Chicago area, with capacities of up to 28,000 spectators...

 in Tinley Park, Illinois

Tinley Park, Illinois

Tinley Park is a village located primarily in Cook County, Illinois, United States with a small portion in Will County. The population was 48,401 at the 2000 census, and 58,322 in the 2007 census. It is one of the fastest growing suburbs south of Chicago...

.