SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
------------------
(Mark One):
|X| ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED].
Commission file number 001-13735
------------------
MIDWEST BANC HOLDINGS, INC.
EMPLOYEES' RETIREMENT PLAN
(Full title of the plan)
------------------
MIDWEST BANC HOLDINGS, INC.
501 WEST NORTH AVENUE
MELROSE PARK, ILLINOIS 60160
(Name of the issuer of the securities held pursuant to the plan and the address
of its principal executive office)
<PAGE>
REQUIRED INFORMATION
No. 1-3 Not applicable
No. 4 The Midwest Banc Holdings, Inc., Employees' Retirement Plan (the
"Plan"), which is subject to ERISA, files Plan financial statements
and schedules prepared in accordance with the financial requirements
of ERISA.
Financial Statements. Audited Statements of net assets available for
Plan benefits as of December 31, 1998 and 1997, and the related
statement of changes in net assets available for Plan benefits for the
year ended December 31, 1998.
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the trustee has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized:
Dated as of June 29, 1999
MIDWEST BANC HOLDINGS, INC. EMPLOYEES'
RETIREMENT PLAN
MIDWEST TRUST SERVICES, INC.
By: /s/ BRAD A. LUECKE
-------------------------------------
Brad A. Luecke, Trust Officer
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
Melrose Park, Illinois
FINANCIAL STATEMENTS
December 31, 1998 and 1997
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
Melrose Park, Illinois
FINANCIAL STATEMENTS
December 31, 1998 and 1997
CONTENTS
REPORT OF INDEPENDENT AUDITORS...............................................1
FINANCIAL STATEMENTS
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS.........................2
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION...................................................3
NOTES TO FINANCIAL STATEMENTS...........................................4
SUPPLEMENTAL SCHEDULES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES.............10
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS.........................11
i
<PAGE>
CROWE CHIZEK
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
First Midwest Corporation of Delaware
Employees' Retirement Plan
Melrose Park, Illinois
We have audited the accompanying statements of net assets available for
benefits of First Midwest Corporation of Delaware Employees' Retirement Plan as
of December 31, 1998 and 1997, and the related statement of changes in net
assets available for benefits with fund information for the year ended December
31, 1998. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan as
of December 31, 1998 and 1997, and the changes in net assets available for
benefits for the year ended December 31, 1998, in conformity with generally
accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. The Fund Information
in the statement of changes in net assets available for benefits is presented
for purposes of additional analysis rather than to present the changes in net
assets available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Crowe, Chizek and Company LLP
Oak Brook, Illinois
April 23, 1999
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
ASSETS
Investments, at fair value
Alliance Capital Reserves................................. $ 861,224 $ 904,211
AIM Balanced Fund......................................... 2,170,263 1,722,667
AIM Constellation Growth Fund............................. 1,025,258 711,544
Fidelity Advisor Growth Opportunity Fund.................. 2,332,670 1,787,324
GAM International Fund.................................... 894,468 786,670
Evergreen Intermediate Term Bond Fund..................... 683,398 591,635
Putnam Investors Fund..................................... 339,431 163,003
Franklin Small Cap Growth Fund............................ 54,974 --
Midwest Banc Holdings, Inc. common stock.................. 1,549,677 1,323,023
Loans to participants..................................... 213,539 80,846
----------- ----------
Total investments...................................... 10,124,902 8,070,923
Receivables
Contributions due from participants....................... -- 17,540
Contributions due from employer........................... -- 12,180
Accrued interest.......................................... -- 379
----------- ----------
Total receivables...................................... -- 30,099
----------- ----------
Total assets........................................... 10,124,902 8,101,022
LIABILITIES
Accrued expenses........................................... 23,256 9,750
----------- ----------
NET ASSETS AVAILABLE FOR BENEFITS.......................... $10,101,646 $8,091,272
=========== ==========
</TABLE>
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
2
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
Year ended December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-------------------------------------------------------------------------------------
FIDELITY
AIM ADVISOR EVERGREEN
ALLIANCE AIM CONSTELLATION GROWTH GAM INTERMEDIATE
CAPITAL BALANCED GROWTH OPPORTUNITY INTERNATIONAL TERM
RESERVES FUND FUND FUND FUND BOND FUND
---------- ---------- ------------- ----------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income
Net appreciation (depreciation
in fair value of investments... $ (970) $ 168,698 $ 125,887 $ 348,777 $ 34,362 $ (538)
Interest.......................... 36,384 -- -- -- -- --
Dividends......................... -- 46,851 -- 15,452 14,230 45,684
Other income...................... -- 4,891 25,061 82,128 -- --
--------- ---------- ---------- ---------- -------- --------
35,414 220,440 150,948 446,357 48,592 45,146
Contributions
Employer.......................... 26,856 81,524 41,574 78,978 49,169 24,378
Participants...................... 41,206 125,497 64,034 121,503 75,749 37,552
Rollovers......................... 3,445 118,645 14,369 6,388 12,745 6,923
--------- ---------- ---------- ----------- -------- --------
71,507 325,666 119,977 206,869 137,663 68,853
--------- ---------- ---------- ---------- -------- --------
Total additions................ 106,921 546,106 270,925 653,226 186,255 113,999
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefits paid to participants........ 21,322 66,112 35,552 63,876 40,630 29,489
Administrative expenses.............. 2,744 6,050 2,699 6,403 2,613 1,982
--------- ---------- ---------- ----------- -------- --------
Total deductions.................. 24,066 72,162 38,251 70,279 43,243 31,471
Net increase (decrease) prior to
interfund transfers:................. 82,855 473,944 232,674 582,947 143,012 82,528
Interfund transfers................... (125,842) (26,348) 81,040 (37,601) (35,214) 9,235
--------- ---------- ---------- ---------- -------- --------
Net increase (decrease)............... (42,987) 447,596 313,714 545,346 107,798 91,763
Net assets available for benefits
Beginning of year.................... 904,211 1,722,667 711,544 1,787,324 786,670 591,635
--------- ---------- ---------- ---------- -------- --------
End of year.......................... $ 861,224 $2,170,263 $1,025,258 $2,332,670 $894,468 $683,398
========= ========== ========== ========== ======== ========
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------------------
FRANKLIN MIDWEST BANC
PUTNAM SMALL CAP HOLDINGS, INC. LOANS
INVESTORS GROWTH COMMON TO
FUND FUND STOCK PARTICIPANTS OTHER TOTAL
--------- --------- -------------- ------------ --------- ------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income
Net appreciation (depreciation)
in fair value of investments $ 63,995 $ 193 $ 229,139 $ -- $ -- $ 969,543
Interest.......................... -- -- -- 10,359 -- 46,743
Dividends......................... -- 290 9,725 -- -- 132,232
Other income...................... 8,271 364 -- -- -- 120,715
-------- ------- ---------- -------- -------- -----------
72,266 847 238,864 10,359 -- 1,269,233
Contributions
Employer.......................... 38,972 11,040 -- -- -- 352,491
Participants...................... 59,920 16,873 -- -- -- 542,334
Rollovers......................... 12,102 12,927 -- -- -- 187,544
-------- ------- ---------- -------- -------- -----------
110,994 40,840 -- -- -- 1,082,369
-------- ------- ---------- -------- -------- -----------
Total additions................ 183,260 41,687 238,864 10,359 -- 2,351,602
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefits paid to participants........ 5,287 -- 6,157 21,734 -- 290,159
Administrative expenses.............. 781 85 4,456 -- 23,256 51,069
-------- ------- ---------- -------- -------- -----------
Total deductions.................. 6,068 85 10,613 21,734 23,256 341,228
Net increase (decrease) prior to
interfund transfers:................. 177,192 41,602 228,251 (11,375) (23,256) 2,010,374
Interfund transfers................... (764) 13,372 (1,597) 144,068 (20,349) --
-------- ------- ---------- -------- -------- -----------
Net increase (decrease)............... 176,428 54,974 226,654 132,693 (43,605) 2,010,374
Net assets available for benefits
Beginning of year.................... 163,003 -- 1,323,023 80,846 20,349 8,091,272
-------- ------- ---------- -------- -------- -----------
End of year.......................... $339,431 $54,974 $1,549,677 $213,539 $(23,256) $10,101,646
======== ======= ========== ======== ======== ===========
</TABLE>
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
3
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN
The following description of the First Midwest Corporation of Delaware
Employees' Retirement Plan (the "Plan") provides only general information.
Participants should refer to the plan agreement for a more complete description
of the Plan's provisions.
General: The Plan is a defined contribution 401(k) plan covering all
full-time and part-time employees of Midwest Banc Holdings, Inc. (formerly First
Midwest Corporation of Delaware) and its subsidiaries (the "Corporation") who
have six months of service or its equivalent and are age nineteen or older. It
is subject to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA").
Contributions: Each year participants may contribute up to 15% of their
annual compensation before bonuses, not to exceed Internal Revenue Service
limits. The Corporation matches employee contributions at a rate of 1% more than
the participants' contributions up to a 5% maximum matching contribution.
Participants' Accounts: Each participant's account is credited with the
participant's contribution and allocation of (a) the Corporation's contribution,
(b) plan earnings, and (c) forfeitures of terminated participants' nonvested
accounts. Administrative fees are also allocated and charged to each
participant's account balance. Allocations are based on participant earnings or
account balances, as defined. The benefit to which a participant is entitled is
the benefit that can be provided from the participant's account.
Retirement, Death, and Disability: A participant is entitled to 100% of his
or her account balance upon retirement, death, or disability.
Vesting: Participants are immediately vested in their voluntary
contributions plus actual earnings thereon. Vesting in the remainder of their
account is based on years of continuous service. A participant is 100% vested
after three years of credited service.
Payment of Benefits: On termination of service, a participant may elect to
receive either a lump-sum amount equal to the value of his or her account, or
equal installments over a period not more than their assumed life expectancy (or
their beneficiary's assumed life expectancy) at the time of distribution.
Loan Provisions: Participants may borrow up to 50% of their vested account
balance up to a maximum of $50,000. Loan terms range from one year to five years
unless the loan proceeds are used to purchase a primary residence, in which case
the loan term is a reasonable period which may exceed five years. The interest
rate is fixed at the prime rate as published in The Wall Street Journal plus 1%
at the time the loan proceeds are disbursed.
- --------------------------------------------------------------------------------
(Continued)
4
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN (Continued)
Investment Options: Upon enrollment in the Plan, a participant may direct
contributions in the investment options made available by the plan
administrator. The employee may elect to direct these contributions in any
percent among the options as long as the election percentages total 100%.
Employer contributions are allocated in the same percentages as the employee has
elected.
The investment options available to plan participants are as follows:
ALLIANCE CAPITAL RESERVES - Funds are invested in short-term
securities such as bankers' acceptances, certificates of deposit,
repurchase agreements, and commercial paper.
AIM BALANCED FUND - Funds are invested in a varied portfolio of equity
securities consisting primarily of common stocks.
AIM CONSTELLATION GROWTH FUND - Funds are invested in common stocks
with an emphasis on medium-sized and smaller emerging growth
companies.
FIDELITY ADVISOR GROWTH OPPORTUNITY FUND - Funds are invested in
growth, cyclical, and value stocks as well as securities convertible
to common stock.
GAM INTERNATIONAL FUND - Funds are invested in a varied portfolio of
equity securities in foreign markets.
EVERGREEN INTERMEDIATE TERM BOND FUND - Funds are invested in
intermediate-term bonds rated investment grade or better.
PUTNAM INVESTORS FUND - Funds are invested in common stocks with an
emphasis on long-term capital growth equity securities.
FRANKLIN SMALL CAP GROWTH FUND - Funds are invested in common stocks
with an emphasis on small capitalization growth companies.
An additional investment option which was available to plan participants in
1997 but which is no longer available is as follows:
MIDWEST BANC HOLDINGS, INC. COMMON STOCK - Funds were invested in
common stock of Midwest Banc Holdings, Inc. (formerly First Midwest
Corporation of Delaware) as shares became available. Funds which could
not be used presently to purchase stock were temporarily held in the
Alliance Capital Reserves account.
- --------------------------------------------------------------------------------
(Continued)
5
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting: The financial statements of the Plan are prepared
under the accrual method of accounting in conformity with generally accepted
accounting principles. The preparation of financial statements, in conformity
with generally accepted accounting principles, requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from these estimates.
Investments: Investment transactions are accounted for on the trade-date
basis. Interest income is recorded on the accrual basis and dividend income is
recorded on the ex-dividend date. Investments in registered investment companies
(mutual funds) and Midwest Banc Holdings, Inc. common stock are stated at quoted
market prices. Participant loans are valued at cost, which approximates market.
Admissions and Withdrawals: Admissions and withdrawals are recorded at the
dollar value determined on the valuation date following the receipt of the buy
or sell order. Funds are valued daily.
NOTE 3 - PLAN TERMINATION
Although it has not expressed any intent to do so, the Corporation has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA and its related
regulations. In the event of plan termination, participants will become 100%
vested in their accounts.
NOTE 4 - INVESTMENTS
Midwest Trust Services, Inc., the trustee of the Plan, holds investment
assets and executes transactions therein. The following table presents the fair
values of investments at December 31, 1998 and 1997.
- --------------------------------------------------------------------------------
(Continued)
6
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
NOTE 4 - INVESTMENTS (Continued)
<TABLE>
<CAPTION>
1998 1997
------------------------ ------------------------
NUMBER OF NUMBER OF
SHARES OR SHARES OF
PRINCIPAL FAIR PRINCIPAL FAIR
AMOUNT VALUE AMOUNT VALUE
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Investments at fair value as determined
by quoted market prices
Money Market Fund
Alliance Capital Reserves............ 861,224 $ 861,224 904,211 $ 904,211
Mutual Funds
AIM Balanced Fund.................... 76,556 2,170,263 66,822 1,722,667
AIM Constellation Growth
Fund............................... 33,549 1,025,258 26,971 711,544
Fidelity Advisor Growth
Opportunity Fund................... 46,278 2,332,670 42,103 1,787,324
GAM International Fund............... 30,262 894,468 27,729 786,670
Evergreen Intermediate Term
Bond Fund.......................... 74,967 683,398 64,801 591,635
Putnam Investors Fund................ 23,002 339,431 14,672 163,003
Franklin Small Cap Growth
Fund............................... 2,385 54,974 -- --
Midwest Banc Holdings, Inc.
common stock (party-in-interest
investment).......................... 101,282 1,549,677 101,698 1,323,023
----------- ----------
9,911,363 7,990,077
Investments at estimated fair value
Loans to participants...................... 213,539 213,539 80,846 80,846
----------- ----------
$10,124,902 $8,070,923
=========== ==========
</TABLE>
NOTE 5 - PARTIES-IN-INTEREST TRANSACTIONS
Parties-in-interest are defined under DOL regulations as any fiduciary of
the Plan, any party rendering service to the Plan, the employer, and certain
others. Professional fees for the audit of the Plan were paid by the
Corporation.
- --------------------------------------------------------------------------------
(Continued)
7
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
NOTE 5 - PARTIES-IN-INTEREST TRANSACTIONS (Continued)
Plan transactions with parties-in-interest during the year ended December
31, 1998 were as follows:
<TABLE>
<CAPTION>
IDENTITY RELATIONSHIP DESCRIPTION AMOUNT
-------- ------------ ----------- ------
<S> <C> <C> <C>
Midwest Trust Services, Inc. Plan Trustee Administrative fees $27,171
The Weiss Group, Inc. Plan Recordkeeper Quarterly allocation fees 23,898
Midwest Banc Holdings, Inc. Employer Purchases of 230 shares of 4,653
common stock
Midwest Banc Holdings, Inc. Employer Sale of 646 shares of 10,105
common stock
</TABLE>
The Plan held the following party-in-interest investments (at fair value)
at December 31, 1998 and 1997:
1998 1997
---- ----
Midwest Banc Holdings, Inc. common stock............ $1,549,677 $1,323,023
NOTE 6 - TERMINATED PARTICIPANTS
Included in net assets available for benefits are amounts allocated to
individuals who have elected to withdraw from the Plan but have not been paid as
of the Plan's year end. Amounts allocated to these participants were $257,852
and $0 at December 31, 1998 and 1997, respectively.
NOTE 7 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
<TABLE>
<CAPTION>
DECEMBER 31, 1998
-----------------
<S> <C>
Net assets available for benefits per the financial statements........ $10,101,646
Amounts allocated to withdrawing participants......................... (257,852)
-----------
Net assets available for benefits per the Form 5500.................. $ 9,843,794
===========
</TABLE>
- --------------------------------------------------------------------------------
(Continued)
8
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
NOTE 7 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (Continued)
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1998
-----------------
<S> <C>
Benefits paid to participants per the financial statements...................... $290,159
Add amounts allocated to withdrawing participants at December 31, 1998.......... 257,852
---------
Benefits paid to participants per the Form 5500................................ $548,011
========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500
for benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
NOTE 8 - TAX STATUS
The Internal Revenue Service has determined and informed the Corporation,
by letter dated June 24, 1996, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code ("IRC"). The
Plan has been amended since receiving the determination letter. However, the
plan administrator and the Plan's tax counsel believe that the Plan is designed
and is currently being operated in compliance with the applicable requirements
of the IRC.
- --------------------------------------------------------------------------------
9
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
EMPLOYEES' RETIREMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Midwest Banc Holdings, Inc.
Employer Identification Number: 36-3252484
Three-Digit Plan Number: 001
<TABLE>
<CAPTION>
(c)
(b) Description of Investment,
Identity of Issue, Including Maturity Date, (e)
Borrower, Lessor, or Rate of Interest, Collateral, (d) Current
(a) Similar Party Par, or Maturity Value Cost Value
------------- ---------------------- ---- -----
<S> <C> <C> <C> <C>
AIM Funds Mutual Funds
AIM Balanced Fund.................... $1,544,367 $ 2,170,263
AIM Funds AIM Constellation
Growth Fund.......................... 805,548 1,025,258
Fidelity Investments Fidelity Advisor Growth
Opportunity Fund..................... 1,446,539 2,332,670
GAM Funds GAM International Fund.................... 638,670 894,468
Evergreen Funds Evergreen Intermediate
Term Bond Fund....................... 578,366 683,398
Putnam Investments Putnam Investors Fund..................... 264,391 339,431
Franklin Templeton Franklin Small Cap
Growth Fund.......................... 53,992 54,974
Alliance Fund Services Money Market Fund
Alliance Capital Reserves............ 861,224 861,224
* Midwest Banc Common Stock
Holdings, Inc. Midwest Banc Holdings, Inc........... 942,539 1,549,677
Various Participant Loans
Rates 8.75% - 9.50%.................. -- 213,539
-----------
Total investments................ $10,124,902
===========
</TABLE>
* Party-in-interest.
- --------------------------------------------------------------------------------
10
<PAGE>
FIRST MIDWEST CORPORATION OF DELAWARE
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
Year ended December 31, 1998
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Midwest Banc Holdings, Inc.
Employer Identification Number: 36-3252484
Three-Digit Plan Number: 001
<TABLE>
<CAPTION>
(h)
Current
Value of (i)
(a) (b) (c) (d) (g) Asset on Net
Identity Description Purchase Selling Cost Transaction Gain or
of Party of Asset Price Price of Asset Date (Loss)
-------- -------- ----- ----- -------- ---- ------
Series of transactions which exceed 5% of the Plan's net assets:
<S> <C> <C> <C> <C> <C> <C>
AIM Funds AIM Balanced Fund....... $ 461,150 $ -- $ 461,150 $ 461,150 $ --
AIM Funds AIM Balanced Fund....... -- 238,220 229,297 238,220 8,923
Fidelity Fidelity Advisor
Investments Growth Opportunity
Fund................... 424,177 -- 424,177 424,177 --
Fidelity Fidelity Advisor
Investments Growth Opportunity
Fund................... -- 328,337 304,267 328,337 24,070
Alliance Fund Alliance Capital
Services Reserves............... 1,410,240 -- 1,410,240 1,410,240 --
Alliance Fund Alliance Capital -- 1,476,767 1,476,767 1,476,767 --
Services Reserves...............
</TABLE>
- --------------------------------------------------------------------------------
11
