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Chicago Banks Getting Bailout Funds

First Posted: 11-10-08 06:52 PM   |   Updated: 12-11-08 05:12 AM

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Crain's Chicago Business:

Itasca-based First Midwest Bancorp Inc. on Monday became the third local bank to announce its participation in the federal financial rescue program.

First Midwest, with $8.2 billion in assets and 98 Chicago-area branches, has received preliminary approval from the Treasury Department for a $193-million investment in preferred shares of the bank holding company. Chicago-based Northern Trust Corp. and Melrose Park-based Midwest Banc Holdings Inc. are the others in the area to have gotten the feds' green light.

In a news release, First Midwest CEO Michael Scudder said the bank already exceeds the minimum to be considered "well-capitalized" under federal standards by $132 million. "By providing us with preliminary approval, we believe Treasury is acknowledging our financial health and offering us an opportunity to further build upon an already strong capital program," he said in the release.

Read the whole story: Crain's Chicago Business

Filed by Seth Maxon  |  Report Corrections