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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)....................June 1, 1995
First Midwest Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-10967 36-3161078
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
184 Shuman Boulevard, Suite 310, Naperville, Illinois 60566
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 778-8700
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(Former name or address, if changed since last report)
Exhibit Index is on Page 5
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FIRST MIDWEST BANCORP, INC.
FORM 8-K
JUNE 1, 1995
Item 5. Other Events
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On June 1, 1995 First Midwest Bancorp, Inc. ("First Midwest") announced that it
had entered into a definitive agreement to acquire CF Bancorp, Inc. ("Bancorp").
Bancorp is the holding company of Citizens Federal Savings Bank, F. S. B.
("Citizens Federal") which is headquartered in Davenport, Iowa with additional
offices in Davenport and Bettendorf, Iowa. Citizens Federal had total assets of
approximately $225 million as of March 31, 1995.
Under the agreement, Bancorp shareholders will receive 1.4545 shares of First
Midwest common stock for each share of Bancorp common stock in a tax-free
exchange. Based on First Midwest's May 31 closing price of $24.25, each share
of Bancorp's common stock has an implied value of $35.27, with the total
transaction valued at approximately $32.3 million based upon total Bancorp
common shares currently outstanding.
The agreement has been approved by the Boards of Directors of both First Midwest
and Bancorp, and is subject to shareholder ratification and customary regulatory
approvals. The transaction is expected to be completed in late 1995 or early
1996.
Item 7. Financial Statements and Exhibits
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Exhibit Index is located on Page 5 of this Report on Form 8-K.
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FIRST MIDWEST BANCORP, INC.
FORM 8-K
JUNE 1, 1995
The following Items are not applicable for this Form 8-K:
Item 1. Changes in Control of Registrant
Item 2. Acquisition or Disposition of Assets
Item 3. Bankruptcy or Receivership
Item 4. Changes in Registrant's Certifying Accountant
Item 6. Resignations of Registrant's Directors
Item 8. Change in Fiscal Year
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FIRST MIDWEST BANCORP, INC.
FORM 8-K
JUNE 1, 1995
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
First Midwest Bancorp, Inc.
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(Registrant)
Date June 7, 1995 DONALD J. SWISTOWICZ
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Donald J. Swistowicz
Senior Vice President
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FIRST MIDWEST BANCORP, INC.
FORM 8-K
JUNE 1, 1995
EXHIBIT INDEX
Page
Exhibit Number
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Exhibit 99 - Additional Exhibits
Press release and Supplementary Financial
Data issued by First Midwest Bancorp, Inc.
dated June 1, 1995 6
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CONTACT: James M. Roolf
FOR IMMEDIATE RELEASE (708) 778-4007
TRADED: NASDAQ/NMS
SYMBOL: FMBI
FIRST MIDWEST TO ACQUIRE CF BANCORP
NAPERVILLE, IL., JUNE 1, 1995 -- First Midwest Bancorp, Inc. (NASDAQ:FMBI) has
announced that it has entered into a definitive agreement to acquire CF Bancorp,
Inc. (NASDAQ:CFBC), the holding company of Citizens Federal Bank of Davenport,
Iowa.
Under the agreement, CF Bancorp shareholders will receive 1.4545 shares of First
Midwest Bancorp common stock for each share of CF common stock owned in a tax
free exchange. Based on First Midwest Bancorp's May 31 closing price of $24.25,
this results in an implied price for each share of CF common stock of $35.27 and
a total transaction valued at approximately $32.3 million based upon total CF
common shares currently outstanding.
For many years First Midwest has operated in the Illinois half of the Illinois -
Iowa Quad-Cities area comprised of the cities of Moline and Rock Island,
Illinois and Davenport and Bettendorf, Iowa. Its First Midwest Bank
headquartered in Moline, Illinois has approximately $375 million in assets and
operates seven offices all in Illinois. CF Bancorp's $225 million Citizens
Federal Savings Bank is headquartered in Davenport, Iowa with additional offices
in Davenport and Bettendorf, Iowa. The acquisition of CF Bancorp represents a
significant in-market consolidation
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that will see the resulting First Midwest Bank having assets of approximately
$600 million and operating seven full service offices in both the Illinois and
Iowa halves of the Quad-Cities. As such it will be the largest financial
institution serving the entire Quad-Cities area.
The Quad-Cities area is a significant midwest market that is sometimes not
recognized as the diversified, dynamic and growing area that it represents. As
an MSA, the Quad-Cities is an area having a population approaching 400,000,
employment in excess of 200,000 jobs and annual retail sales of some $2.5
billion. As such, from each of the perspectives of population, employment and
retail sales the Quad-Cities MSA is larger than the MSA of each of Peoria,
Rockford, Springfield, Bloomington-Normal and Champaign-Urbana, Illinois.
Meaningful cost savings are anticipated from this in-market consolidation as
well as revenue enhancements. The savings are expected to be dominantly related
to redundant back-office operations and related areas. A one time merger
transaction charge that is in the process of being quantified will be announced
and taken prior to consummation.
Commenting on the announcement, Robert P. O'Meara, First Midwest Bancorp
President and CEO, said, "the affiliation with CF Bancorp, a very successful and
highly respected company, represents a significant opportunity to combine our
respective commercial and retail banking strengths while affording us the
ability to serve the entire Quad-Cities area".
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Paul L. Eckert, CF Bancorp President and CEO, said, "we look forward to our
combination with First Midwest Bancorp, an organization we have come to know
very well. Their business philosophy, like ours, is focused on satisfying
customers' financial needs and, at the same time, maintaining strong local
commitments to communities served. This combination will significantly benefit
our customers and the entire Quad-Cities area."
In connection with the agreement CF has granted First Midwest an option to
purchase up to 19.9% of the common shares of CF under certain circumstances in
the event the transaction is terminated.
The merger has been approved by the Boards of Directors of both First Midwest
Bancorp and CF Bancorp and is subject to shareholder ratification and customary
regulatory approvals. The merger is expected to be completed in late 1995 or
early 1996.
Following the merger, First Midwest Bancorp, Inc. will be an approximate $3.1
billion company engaged in banking, trust, investment management and mortgage
businesses operating 54 offices. As such, it is Illinois' third largest bank
holding company with approximately 80% of its assets situated in the Metro
Chicago area.
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CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (unaudited) March 31, 1995
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First CF Proforma
(Amounts in thousands except per share data) Midwest Bancorp Combined
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<S> <C> <C> <C>
ASSETS
Cash and due from banks..................................... $ 114,118 $ 4,334 $ 118,452
Funds sold and other short-term investments................. 13,296 2,065 15,361
Securities available for sale............................... 709,470 5,000 714,470
Securities held to maturity................................. 138,474 93,083 231,557
Loans....................................................... 1,816,532 117,794 1,934,326
Reserve for loan losses..................................... (24,208) (1,062) (25,270)
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Net loans.............................................. 1,792,324 116,732 1,909,056
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Premises, furniture and equipment........................... 41,503 1,753 43,256
Accrued interest receivable and other assets................ 74,630 3,070 77,700
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Total assets................................................ $ 2,883,815 $ 226,037 $ 3,109,852
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits.................................................... $ 1,979,294 $ 136,941 $ 2,116,235
Short-term borrowings....................................... 672,237 63,135 735,372
Accrued interest payable and other liabilities.............. 31,790 3,209 34,999
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Total liabilities...................................... 2,683,321 203,285 2,886,606
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Stockholders' equity........................................ 211,139 22,660 233,799
Unrealized net appreciation (depreciation) on securities
available for sale........................................ (10,645) 92 (10,553)
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Total stockholders' equity............................. 200,494 22,752 223,246
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Total liabilities and stockholders' equity.................. $ 2,883,815 $ 226,037 $ 3,109,852
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BOOK VALUE PER SHARE AT PERIOD END..........................
$ 16.41 $ 25.10 $ 16.49
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CREDIT QUALITY (unaudited) March 31, 1995
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First CF Proforma
(Amounts in thousands) Midwest Bancorp Combined
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Nonperforming loans......................................... $ 20,185 $ 163 $ 20,348
Foreclosed real estate...................................... 8,542 547 9,089
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Nonperforming loans to loans................................ 1.11% 0.14% 1.05%
Nonperforming assets to loans plus foreclosed real estate... 1.57% 0.60% 1.51%
Reserve for loan losses to loans............................ 1.33% 0.90% 1.31%
Reserve for loan losses to nonperforming loans.............. 119.93% 651.53% 124.19%
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Net loan charge-offs........................................ $ 1,507 $ 25 $ 1,532
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Net loan charge-offs to average loans....................... 0.34% 0.09% 0.32%
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Quarter Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) March 31, 1995
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First CF Proforma
(Amounts in thousands except per share data) Midwest Bancorp Combined
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INTEREST INCOME
Interest and fees on loans.............................................. $39,743 $2,525 $42,268
Interest on securities.................................................. 14,060 1,577 15,637
Interest on funds sold and other short-term investments................. 269 81 350
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Total interest income....................................... 54,072 4,183 58,255
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INTEREST EXPENSE
Interest on deposits.................................................... 16,025 1,560 17,585
Interest on short-term borrowings....................................... 10,515 930 11,445
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Total interest expense...................................... 26,540 2,490 29,030
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Net interest income......................................... 27,532 1,693 29,225
PROVISION FOR LOAN LOSSES............................................... 1,632 16 1,648
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Net interest income after provision for loan losses......... 25,900 1,677 27,577
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NONINTEREST INCOME
Service charges on deposit accounts..................................... 2,245 121 2,366
Trust fees.............................................................. 1,488 --- 1,488
Other service charges, commissions and fees............................. 1,530 51 1,581
Securities transactions, net............................................ 5 --- 5
Gain on sale of assets, net............................................. --- 183 183
Other income............................................................ 671 113 784
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Total noninterest income......................................... 5,939 468 6,407
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NONINTEREST EXPENSE
Salaries and other employee benefits.................................... 12,094 625 12,719
Occupancy expenses...................................................... 1,418 114 1,532
Equipment expenses and computer processing costs........................ 2,971 87 3,058
FDIC insurance premiums................................................. 1,104 78 1,182
Other expense........................................................... 4,959 176 5,135
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Total noninterest expense........................................ 22,546 1,080 23,626
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Income before income tax expense................................. 9,293 1,065 10,358
Income tax expense...................................................... 3,314 336 3,650
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NET INCOME....................................................... $ 5,979 $ 729 $ 6,708
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NET INCOME PER SHARE............................................. $ 0.49 $ 0.76 $ 0.50
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RETURN ON AVERAGE EQUITY................................................ 12.61% 12.98% 12.65%
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RETURN ON AVERAGE ASSETS................................................ 0.85% 1.30% 0.89%
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06/06/95
CF Bancorp, Inc. - Highlights (unaudited)
9 Months Fiscal Years Ended June 30,
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Income Statement Data 3/31/95 1994 1993 1992 1991 1990 1989
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Net interest income (FTE).................. $5,139 $7,054 $6,710 $6,021 $4,555 $3,658 $3,695
Less: Provision for loan losses........... 40 78 104 453 191 135 639
Non-interest income........................ 1,272 1,990 1,527 1,479 1,275 1,639 1,449
Non-interest expense....................... 3,240 4,186 4,105 3,851 3,465 3,304 3,120
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Income before tax & extraordinary items.. 3,131 4,780 4,028 3,196 2,174 1,858 1,385
Less: Income tax provision (benefit)...... 1,074 1,747 1,525 1,232 799 776 560
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Income before extraordinary items........ 2,057 3,033 2,503 1,964 1,375 1,082 825
Change in accounting principle............. 0 435 0 0 0 0 0
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Net income to common shareholders........ $2,057 $3,468 $2,503 $1,964 $1,375 $1,082 $825
========== ========== ========== ========== ========== ========== ==========
Profitability and Operating Ratios
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Return on average assets (ROA)............. 1.23% 1.45% 1.34% 1.30% 0.92% 0.70% 0.52%
Return on common equity (ROCE)............. 12.50% 15.17% 13.76% 15.52% 19.03% 18.04% 16.35%
Return on average equite (ROE)............. 12.50% 15.17% 13.76% 15.52% 19.03% 18.04% 16.35%
Net interest margin (FTE).................. 3.22% 3.52% 3.82% 4.25% 3.18% 2.51% 2.42%
Non-interest expense/Total revenues........ 53.33% 50.27% 50.85% 53.37% 60.77% 63.61% 64.69%
Net charge-offs/Avg. loans................. 0.06% 0.08% 0.09% 0.16% 0.21% 0.28% 0.31%
Balance Sheet Data
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Total assets............................... $226,037 $223,348 $208,196 $155,730 $147,096 $153,434 $155,593
Net loans.................................. 116,732 114,166 112,424 98,861 98,360 97,991 100,816
Total deposits............................. 136,289 129,215 135,112 130,245 134,450 127,806 125,022
Total stockholders' equity................. 22,752 20,975 18,655 17,387 7,915 6,540 5,458
Common equity/Total assets................. 10.07% 9.39% 8.96% 11.16% 5.38% 4.26% 3.51%
Tangible tier 1 capital/Total assets....... 10.07% 9.39% 8.96% 11.16% 5.38% 4.26% 3.51%
Asset Quality Ratios
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Non-performing loans/Net loans............. 0.14% 0.28% 0.28% 0.36% 0.36% 0.27% 0.69%
Reserves/Non-performing loans.............. 651.53% 339.75% 349.06% 306.96% 227.32% 307.06% 140.26%
Non-performing assets ratio................ 0.61% 0.31% 0.65% 0.78% 1.24% 1.49% 1.63%
Non-perf. assets/Total assets.............. 0.31% 0.16% 0.35% 0.50% 0.84% 0.97% 1.06%
Per Share Data
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Net income (Fully diluted)................. $2.14 $3.12 $2.42 NA NA NA NA
Book value................................. 25.10 23.28 19.96 NA NA NA NA
Tangible book value........................ 25.10 23.28 19.96 NA NA NA NA
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