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."
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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