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First Midwest Bank declares dividend

First Midwest Bank declares dividend

First Midwest Bank declares dividend

A First Midwest Bank branch in Griffith.

First Midwest Bank has declared its 151st straight quarterly cash dividend since it was founded in 1983.

The Chicago-based bank, which has an extensive footprint in Northwest Indiana, will pay 14 cents per share on the company's common stock. The dividend will be payable on Oct. 6 to anyone who owns stock as of Sept. 25.

First Midwest also is paying a quarterly cash dividend of $17.50 per share, or 43 cents per depositary share, on its 7% fixed rate non-cumulative perpetual preferred stock. The dividends will be paid out on Nov. 20 to anyone who owns those shares as of Nov. 21.

In the second quarter, First Midwest made $17.8 million in profit, which was down 61.8% as compared to the $46.6 million it pulled in during the second quarter of 2019, largely because of the coronavirus pandemic.

First Midwest is one of the biggest independently traded banks based in Chicago and the greater Midwest. It has $21 billion in assets, another $13 billion in assets under management, and branches across Illinois, Iowa, Southeast Wisconsin and Northwest Indiana.

In the Region, it has branches in Highland, Hammond, Gary, Schererville, Griffith, Dyer, Munster, Crown Point, St. John and Winfield.

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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.

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