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) January 29, 1997
First Midwest Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-10967 36-3161078
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
300 Park Boulevard, Suite 405, Itasca, Illinois 60143
(Address of principal executive offices) (Zip Code)
(630) 875-7450
Registrant's telephone number, including area code
N.A.
(Former name and address, if changed since last report)
Exhibit Index is on Page 5
FIRST MIDWEST BANCORP, INC.
FORM 8-K
JANUARY 29, 1997
Item 5. Other Events
First Midwest Bancorp, Inc. announced that it has settled for
$4,050,000 a law suit that has pended since 1993 against its
former fidelity bond insurer related to loans charged off in
1992. The recovery resulted from the vigorous prosecution of a
complex claim through litigation to the settlement just
concluded.
The settlement proceeds have been credited to the reserve for
loan losses while Management undertakes an assessment of the
impact of the recovery on loan loss reserve provisioning and
reserve levels appropriate going forward. The assessment will
also consider the impact of additional whole loan portfolio
purchases that are being considered such as was consummated in
fourth quarter 1996. Management anticipates that the assessment
will be concluded within approximately 120 days.
Item 7. Financial Statements and Exhibits
Exhibit Index is located on Page 5 of this Report on Form 8-K.
2
FIRST MIDWEST BANCORP, INC.
FORM 8-K
JANUARY 29, 1997
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
3
FIRST MIDWEST BANCORP, INC.
FORM 8-K
JANUARY 29, 1997
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.
(Registrant)
Date: February 10, 1997
DONALD J. SWISTOWICZ
Donald J. Swistowicz
Executive Vice President
4
FIRST MIDWEST BANCORP, INC.
FORM 8-K
JANUARY 29, 1997
EXHIBIT INDEX
Page
Exhibit Number
Exhibit 99 Press release issued by First Midwest Bancorp, Inc.
dated January 29, 1997 6
5
CONTACT: James M. Roolf
FOR IMMEDIATE RELEASE (630) 875-7452
TRADED: NASDAQ/NMS
SYMBOL: FMBI
FIRST MIDWEST BANCORP ANNOUNCES
$4 MILLION RECOVERY
ITASCA, IL., JANUARY 29, 1997 -- First Midwest Bancorp, Inc.
(NASDAQ/NMS:FMBI) today announced that it has settled for
$4,050,000 a law suit that has pended since 1993 against its
former fidelity bond insurer related to loans charged off in
1992. This significant recovery resulted from the vigorous
prosecution of a complex claim through litigation to the
settlement just successfully concluded.
The settlement proceeds have been credited to the reserve for
loan losses while management undertakes an assessment of the
impact of the recovery on loan loss reserve provisioning and
reserve levels appropriate going forward. The assessment will
also consider the impact of additional whole loan portfolio
purchases that are being considered such as was consummated in
fourth quarter 1996. Management anticipates the assessment will
be concluded within approximately 120 days.
At $3.1 billion, First Midwest Bancorp is Illinois' third largest
publicly traded bank holding company and is engaged in commercial
banking, trust, investment management, mortgage services
primarily in northern Illinois and eastern Iowa.
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