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) October 2, 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, Illinois60143
(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
OCTOBER 2, 1997
Item 5. Other Events
On October 1, 1997, First Midwest Bancorp, Inc. ("First Midwest") consummated
the acquisition of SparBank, Incorporated ("SparBank"), the Holding Company of
McHenry State Bank of McHenry, Illinois. The transaction was structured as an
exchange of common stock and was accounted for on a pooling-of-interests basis.
The exchange resulted in SparBank shareholders receiving 21.7234 shares of First
Midwest common stock for each share of SparBank common stock owned for a total
of 3,230,769 shares of First Midwest common stock.
Item 7. Financial Statements and Exhibits
(a) and (b) Not Applicable
(c) Exhibit Index is located on Page 5 of this Report on Form 8-K.
FIRST MIDWEST BANCORP, INC.
FORM 8-K
OCTOBER 2, 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
FIRST MIDWEST BANCORP, INC.
FORM 8-K
OCTOBER 2, 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: October 2, 1997
DONALD J. SWISTOWICZ
Donald J. Swistowicz
Executive Vice President
FIRST MIDWEST BANCORP, INC.
FORM 8-K
OCTOBER 2, 1997
EXHIBIT INDEX
Page
Exhibit Number
Exhibit 99 Press release issued by First Midwest Bancorp, Inc. 6
dated October 2, 1997.
Exhibit 99
CONTACT: J a m e s
M.Roolf
FOR IMMEDIATE RELEASE (630) 875-7452
TRADED: NASDAQ/NMS
SYMBOL: FMBI
FIRST MIDWEST BANCORP COMPLETES
ACQUISITION OF MCHENRY STATE BANK
ITASCA, IL., OCTOBER 2, 1997 -- FIRST MIDWEST BANCORP,
INC.(NASDAQ: FMBI) today announced that it has completed the
previously reported acquisition of SparBank, Incorporated, the
holding company of the $450 million McHenry State Bank ("MSB")
located in McHenry, Illinois.
This acquisition is strategically important as it significantly
strengthens First Midwest's presence in its primary focus market
of suburban Chicago, one of the fastest growing and least
consolidated banking markets in the country. More precisely, the
acquisition of McHenry County's largest bank increases First
Midwest's suburban Chicago presence by some 20% to $2.8 billion
in assets and 38 offices. MSB is a superior performer
historically earning in the range of 1.30% to 1.50% of average
earning assets.
Structured as an exchange of stock and accounted for as a
pooling-of-interests, the acquisition is expected to be neutral
to First Midwest's 1997 earnings and 2-3% accretive to its 1998
earnings. MSB will be merged into First Midwest Bank during late
first quarter 1998 with projected cost savings and income
enhancements being realized over the balance of the year. A pre-
tax charge in the range of $6.5-$7.0 million will be taken in
fourth quarter 1997 and communicated when fourth quarter earnings
are released in mid-January 1998.
At $3.7 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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