SOURCE: First Midwest Bank

December 05, 2008 18:39 ET

First Midwest Bank to Offer Expanded FDIC Insurance Coverage for Certain Customer Accounts

ITASCA, IL--(Marketwire - December 5, 2008) - First Midwest Bank ("First Midwest"), the wholly owned subsidiary of Itasca-based First Midwest Bancorp, Inc. (NASDAQ: FMBI), today announced that First Midwest will participate in the FDIC's Transaction Account Guarantee Program ("TAGP"). Under this program, First Midwest's non-interest-bearing transaction accounts, and NOW accounts paying 0.50% or less are fully guaranteed by the FDIC for the entire amount in the account. This unlimited insurance coverage is in addition to and separate from the $250,000 coverage available under the FDIC's insurance rules for general deposits and will be available to First Midwest customers through December 31, 2009.

The TAGP is funded through fees charged to participating financial institutions like First Midwest, rather than through taxpayer funds or through the FDIC's Deposit Insurance Fund.

"We are pleased to provide First Midwest customers with the enhanced FDIC insurance coverage afforded by the TAGP" said Thomas J. Schwartz, President and Chief Executive Officer of First Midwest Bank. "Participation in this program evidences our long-standing commitment to offering clients quality products and services that meet their needs."

First Midwest Bank is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area's largest independent banking companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 97 offices located in 62 communities, primarily in metropolitan Chicago. First Midwest was recently recognized by the Alfred P. Sloan Awards for Business Excellence in Workforce Flexibility in the greater Chicago Area.