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): August 24, 1998
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)
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Item 5. Other Events
On August 24, 1998, the Registrant issued the attached press release
announcing the declaration of its regular quarterly cash dividend to
shareholders, the completion of its current stock repurchase program and
the authorization of an additional stock repurchase program.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99 Additional Exhibits
Press release, dated August 24, 1998.
<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: August 24, 1998 By: /s/ Donald J. Winchell
Donald J. Winchell, Vice President,
Treasurer, Chief Financial Officer and
Principal Accounting Officer
Contact: Investor Relations Department
Telephone: 712-732-4117
(Storm Lake, Iowa - August 24, 1998) First Midwest Financial,
Inc. announced that the Company will pay a cash dividend of $.12
per share for the fourth fiscal quarter of 1998. The dividend
will be payable on October 1, 1998 to stockholders of record on
September 15, 1998. This represents a 33% increase from the $.09
per share paid quarterly during the previous fiscal year. The
Company has increased dividends each year since its first cash
dividend on January 5, 1995. Regular quarterly dividends have
been paid since that date.
First Midwest also announced the completion of its current stock
repurchase program in which 134,812 shares, or approximately 5%
of its outstanding shares of common stock, were repurchased at an
average price of $21.84 per share. The Company repurchased the
shares at prevailing market prices since June 30, 1997. Since
initiating its first stock repurchase program in 1994, the
Company has invested a total of $10.2 million in the repurchase
of 693,747 shares.
In other news, First Midwest announced its intention to
repurchase an additional 5% of its 2,605,695 outstanding shares
through open market and privately negotiated transactions over
the next twelve months. The shares will be purchased at
prevailing market prices 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 Company's subsidiaries' strong
capital position. The repurchased shares will become treasury
shares to 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 June 30, 1998, the Company had assets of $421.3 million,
stockholders' equity of $42.9 million, and 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 and Security State Bank.
First Federal Savings Bank has its main bank office in Storm
Lake, Iowa, and six branch offices in a four-county area of
Northwest Iowa. It also includes two Brookings Federal Bank
Division offices in Brookings, South Dakota, and two Iowa Savings
Bank Division offices in Des Moines and West 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.
