First Midwest Bancorp, Inc. Announces Pricing of $110 Million Preferred Stock Offering

CHICAGO, June 18, 2020 (GLOBE NEWSWIRE) — First Midwest Bancorp, Inc. (“First Midwest”) today announced that it has priced an underwritten public offering of 4,400,000 depositary shares, each representing a 1/40th ownership interest in a share of its 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, without par value, with a liquidation preference of $1,000 per share of preferred stock (equivalent to $25 per depositary share) at an aggregate offering price of $110 million. The offering is expected to close on June 24, 2020, subject to customary closing conditions. First Midwest also has granted the underwriters a 30-day option to purchase up to an additional 660,000 depositary shares from First Midwest.

First Midwest intends to use the net proceeds of the offering for general corporate purposes and has applied to list the depositary shares on the Nasdaq Stock Market under the symbol “FMBIO.”

BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. acted as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement, including a prospectus and prospectus supplement, filed by First Midwest with the Securities and Exchange Commission (“SEC”). Investors should read the prospectus together with the documents incorporated by reference and the applicable prospectus supplement carefully before investing in the securities described in the applicable prospectus supplement. These documents may be obtained for free by visiting the SEC website at www.sec.gov. You may also request these documents from First Midwest by telephone at (708) 831-7483 or in writing at: First Midwest Bancorp, Inc., Attention: Corporate Secretary, 8750 West Bryn Mawr Avenue, Suite 1300, Chicago, Illinois 60631.

This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer or sale is not permitted.

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 $20 billion of assets and an additional $11 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 and across the Midwest.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or guarantees of future performance or events but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. Forward-looking statements also are subject to known and unknown risks, uncertainties, and assumptions and may include projections relating to our future financial performance, including our growth strategies and anticipated trends in our business, and the timing of the closing of the offering and the timing and amount of the exercise, if any, of the underwriters’ option. For a detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements, you should refer to our Annual Report on Form 10-K for the year ended December 31, 2019, including the sections entitled “Risk Factors” in Part I, Item 1A of that report (as supplemented by the risk factors discussed under Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020) and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of that report, as well as our subsequent periodic and current reports filed with the SEC. These risks and uncertainties are not exhaustive however. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. First Midwest cautions you not to place undue reliance on any forward-looking statements. These statements speak only as of the date made, and we are under no duty to update any of the forward-looking statements to conform our prior statements to actual results or revised expectations, and we do not intend to do so.

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