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First Midwest Bancorp to open new branches in Illinois

Staff writer |
First Midwest Bancorp will open a full service branch in the Naperville, Illinois and downtown Chicago markets during the first quarter of 2016.

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million will be an annualized pre-tax reduction of ongoing operating costs.
It will also consolidate four existing branches into nearby operating locations and sell twelve closed branches and seven parcels of land previously purchased for expansion.

The orderly execution of these plans over the near term will result in an annualized pre-tax reduction of ongoing operating costs of approximately $3.6 million, 60% of which is expected to be realized in 2016.

In furtherance of these initiatives, First Midwest will record a non-cash valuation charge of $5.1 million after-tax, or $.07 per share, as of December 31, 2015 for those properties designated for sale.

"Our commitment to providing our clients with convenience and outstanding service across all banking channels is unwavering," said Michael L. Scudder, president and chief executive.

"Significant investment in the enhancement of our mobile and online delivery channels and evolving consumer preferences create a natural progression in the manner and frequency clients interact with us.

"These initiatives both recognize that progression and reflect our belief that an optimized branch network is a critical component in the continued delivery of our award-winning customer service.

"They represent a natural byproduct of the company's recent and expected growth, which will see further expansion of our network across our markets."

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