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First Midwest Bank rolls out loan and mortgage deferrals during COVID-19 pandemic

First Midwest Bank rolls out loan and mortgage deferrals during COVID-19 pandemic

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First Midwest Bank offers loan deferrals during COVID-19 pandemic

A First Midwest Bank branch in Griffith.

First Midwest Bank is offering assistance to clients — both people and business owners — who might be struggling as a result of the coronavirus pandemic. 

The Chicago-based bank, which has a large footprint in Northwest Indiana, announced financial relief programs that include loan deferrals, fee assistance, and foreclosure suspensions.

“During this time of uncertainty, our mission of helping clients achieve financial success is more important than ever,” said Mark Sander, president and chief operating officer of First Midwest Bank. “Many of our clients may need support in ways they have not needed in the past. We want them to know we are all in this together, and we are committed to supporting them during a time when they need us the most.”

First Midwest is offering payment deferrals on consumer loans, mortgages and auto loans with no credit bureau impact. It's deferring payments for small businesses who are experiencing hardship as a result of workplace closure or sickness in the family, letting them defer payments for up to 90 days, also with no credit bureau impact.

It's suspending late fees for consumer loan payments, stop payment fees and Certificate of Deposit early withdrawal fees through June 30, as well as late fees and stop payment fees on business loans through that period.

The bank will suspend foreclosures and repossessions through June 30. First Midwest also will make financial accommodations with businesses based on their individual circumstances. 

For more information, call the First Midwest Customer Care Center at 800-322-3623 or visit firstmidwest.com/covid-19/.

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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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