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First Midwest Bank boosts dividend

Pop-up gallery at First Midwest Bank in downtown Highland.

First Midwest Bank, which has an extensive footprint across Northwest Indiana, boosted its dividend by 17%.

The Chicago-based bank is increasing its dividend by $0.02 to $0.14 a share. Anyone who holds the stock, which trades under the symbol FMBI on NASDAQ, on June 28 will get the quarterly cash dividend on July 9.

“We are pleased to announce this increase in our dividend, which reflects the continued confidence we have in our company and our strategy,” said Michael Scudder, chairman and CEO of First Midwest Bank. 

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A successor to Hammond's homegrown Bank Calumet, Great Lakes Bank, and Standard Bank and Trust, First Midwest has branches in Crown Point, Dyer, East Chicago, Gary, Griffith, Hammond, Highland, Merrillville, Munster, Schererville and St. John. The bank has $17 billion worth of assets and $12 billion of assets under management, making it one of the largest publicly trading banks headquartered in the city.

It also has branches across the Chicago metro, in downtown Illinois, in Southeast Wisconsin and in eastern Iowa.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.