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First Midwest Bank offering $110 million in preferred stock
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First Midwest Bank offering $110 million in preferred stock

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First Midwest Bank offering $110 million in preferred stock

A First Midwest Bank branch in Griffith.

First Midwest Bank is offering a $110 million preferred stock offering.

The Chicago-based bank, which has branches across Northwest Indiana, is selling 4.4 million depositary shares representing 1/40th of an ownership interest in a share of its 7% fixed-rate preferred stock, which is publicly traded on the Nasdaq stock market under the symbol "FMBIO."

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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. are jointly managing the preferred stock offering. The underwriters retained a 30-day option to buy another 660,000 depositary shares.

One of the largest independent publicly traded banks headquartered in Chicago, First Midwest Bank has $20 billion in assets and another $11 billion in assets under management. In Northwest Indiana, 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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