Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 11:41 PM
|This Slide: #81 of 581|
Slide #81. First Midwest Bancorp, Inc. — Preferred Stock Offering
First Midwest Bancorp, Inc. (NASDAQ:FMBI)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
First Midwest Bancorp, Inc. ("First Midwest") today announced that it has priced an underwritten public offering of 4,400,000 depositary shares, each representing a 1/40th ownership interest in a share of its 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, without par value, with a liquidation preference of $1,000 per share of preferred stock (equivalent to $25 per depositary share) at an aggregate offering price of $110 million. The offering is expected to close on June 24, 2020, subject to customary closing conditions. First Midwest also has granted the underwriters a 30-day option to purchase up to an additional 660,000 depositary shares from First Midwest.
First Midwest Bancorp is a bank holding company. Through its subsidiary, First Midwest Bank (the Bank), Co. provides a range of commercial, treasury management, equipment leasing, consumer, wealth management, trust, and private banking products and services. The Bank provides deposit products and services, including checking, money market, and savings accounts and short and long-term certificates of deposit. The Bank provides debit and automated teller machine cards, credit cards, internet and mobile banking, and telephone banking. The Bank originates commercial and industrial, agricultural, commercial real estate, and consumer loans to businesses and residents in the Bank's market areas.
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Buy (2.60 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com