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 25, 1997
FIRST MIDWEST FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-22140 42-1406262
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
Fifth at Erie, Storm Lake, Iowa 50588
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (712) 732-4117
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On June 25, 1997, the Registrant issued the attached press release
announcing the commencement of a stock repurchase program.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99 Additional Exhibits
Press release, dated June 25, 1997.
<PAGE>
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 FINANCIAL, INC.
Date: June 25, 1997 By: /s/ Donald J. Winchell
Donald J. Winchell, Vice President,
Treasurer, Chief Financial Officer and
Principal Accounting Officer<PAGE>
FOR IMMEDIATE RELEASE
Contact: Investor Relations Department
Telephone: 712-732-4117
FIRST MIDWEST FINANCIAL, INC. ANNOUNCES COMPLETION OF CURRENT
STOCK REPURCHASE PROGRAM AND ANNOUNCES AN ADDITIONAL STOCK
REPURCHASE PROGRAM:
(Storm Lake, Iowa - June 25, 1997) First Midwest Financial, Inc.
announced the completion of its fourth stock repurchase program in
which 220,883 shares, or approximately 7.5% of its outstanding
shares of common stock, were repurchased. The Company repurchased
the shares at prevailing market prices at various times since
October 31, 1996. During the repurchase period, shares were
purchased at prices ranging between $15.50 and $17.25 per share.
In other news, First Midwest announced its intention to repurchase
an additional 5% of its 2,733,940 outstanding shares through open
market and privately negotiated transactions over the next twelve
months. The shares will be purchased at prevailing market prices
from time to time during the twelve month period, depending upon
market conditions.
James S. Haahr, President and Chief Executive Officer of First
Midwest, indicated that the Board of Directors authorized the
repurchase program in view of the strong capital position of the
Company's subsidiaries, First Federal Savings Bank of the Midwest
and Security State Bank. The repurchased shares will become
treasury shares and will be used for general corporate purposes,
including the issuance of shares in connection with grants and
awards under the Company's stock-based benefit plans. Mr. Haahr
stated, "We believe the repurchase of our shares represents an
attractive investment that will benefit the Company and our
stockholders."
At March 31, 1997, the Company had assets of $370 million,
stockholders' equity of $42.9 million, and had capital ratios well
in excess of regulatory requirements.
CORPORATE PROFILE:
First Midwest Financial, Inc. is the holding company for First
Federal Savings Bank of the Midwest. This includes the Main Bank
Office in Storm Lake, Iowa, and its 6 branch offices in a four-
county area of Northwest Iowa. It also includes the 2 offices of
the Brookings Federal Bank Division in Brookings, South Dakota, and
the 2 offices of the Iowa Savings Bank Division in Des Moines,
Iowa. Security State Bank, with offices in Stuart, Casey and
Menlo, Iowa, is a separate holding of First Midwest and operates as
a commercial bank chartered by the State of Iowa.
