Haris Ashley
First Midwest Bank is an FDIC-insured institution located in Chicago, Illinois. It was founded in 1933 and has approximately $21.63 billion in assets. The Federal Deposit Insurance Corporation (FDIC) has facilitated several of the bank's acquisitions, including that of Westmont-based First DuPage Bank, Peotone Bank, and Palos Bank and Trust Company. The FDIC insures deposits within specific limits and has provided First Midwest Bank with protection from loan losses.
| Characteristics | Values |
|---|---|
| Location | Chicago, Illinois |
| Year founded | 1933 |
| Assets | $21.63 billion |
| Deposits | $17,578,256,000 (as of December 31, 2021) |
| Loans | $14,496,765,000 (as of December 31, 2021) |
| Capitalization | 11.47% |
| Specialization | Commercial and Industrial Loans |
| Insurance | FDIC-insured |
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What You'll Learn
First Midwest Bank is FDIC-insured
First Midwest Bank, founded in 1933, is an FDIC-insured institution located in Chicago, Illinois. It has over $21 billion in assets and offers retail and business banking through more than 125 branches. First Midwest Bank has a significant presence in the Chicago suburbs and the surrounding areas of northwest Indiana, downstate Illinois, southeast Wisconsin, and the Quad Cities area, including Iowa.
The FDIC insurance provides protection for depositors in the event of a bank failure. FDIC insurance covers deposit accounts, such as checking and savings accounts, money market accounts, and certificates of deposit (CDs). It is important to note that FDIC insurance does not cover securities, mutual funds, life insurance policies, or other investments. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
First Midwest Bank has a history of acquiring other banks' deposits and loans in transactions facilitated by the FDIC. For example, in 2009, First Midwest Bank acquired certain deposits and loans of First DuPage Bank, assuming all deposits totaling $230 million. In 2010, the bank acquired Peotone Bank, taking on $130 million in assets and $127 million in deposits, and later that year, it acquired Palos Bank and Trust Company, which had approximately $493 million in total assets and $467 million in total deposits.
In addition to deposit insurance, the FDIC also provides resources to help consumers understand their banks' financial condition. For instance, the Texas Ratio compares a bank's non-performing assets (such as non-performing loans and real estate owned) with its tangible common equity and loan loss reserves. As of June 30, 2023, First Midwest Bank's financial condition was stable, with sufficient equity and reserves to cover potential losses.
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The bank is backed by the US government
First Midwest Bank, headquartered in Chicago, Illinois, is one of the largest banking institutions in the United States. It was founded in 1933 and has approximately $21.63 billion in assets. The bank provides retail and business banking services through more than 125 branches.
First Midwest Bank is an FDIC-insured institution. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors of insured banks in the event of bank failure. FDIC insurance is backed by the full faith and credit of the US government, meaning that the US government guarantees that insured deposits will be safe, even if the bank fails.
The FDIC insurance limit per depositor is currently $250,000 per insured bank. This means that if a depositor has $250,000 or less in their account at an FDIC-insured bank, the full amount is insured. If a depositor has more than $250,000 in their account, only the first $250,000 is insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
First Midwest Bank's FDIC insurance coverage provides its customers with peace of mind, knowing that their deposits are protected by the US government. This protection helps to secure the financial future of the bank's customers and their families.
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It has around $21.63 billion in assets
First Midwest Bank, headquartered in Chicago, Illinois, has around $21.63 billion in assets. It is one of the largest banking institutions in the United States, providing retail and business banking services through more than 125 branches. The bank has a significant presence in the northwest Indiana area and has expanded into other regions, including downstate Illinois, southeast Wisconsin, and the Quad Cities area, including Iowa.
First Midwest Bank's asset size is a reflection of its growth and financial strength. The bank has a capitalization rate of 11.47%, which is higher than the industry average, indicating its ability to underpin loans and support its balance sheet. As of December 31, 2021, the bank reported assets of $21,629,046,000, loans of $14,496,765,000, and deposits of $17,578,256,000.
The bank's asset composition also includes a significant proportion of Commercial and Industrial Loans, indicating a potential specialty in that lending area. First Midwest Bank's total assets further increased following its merger with Old National Bank in 2022, with the combined entity having approximately $48 billion in assets and dual headquarters in Evansville and Chicago.
The stability and security of First Midwest Bank's assets are assured by its FDIC insurance status. The Federal Deposit Insurance Corporation (FDIC) insures deposits at First Midwest Bank, and no depositor has ever lost money within the FDIC insurance limits. This insurance protection provides customers with confidence and peace of mind, knowing that their deposits are secure.
In summary, First Midwest Bank's asset size of approximately $21.63 billion showcases its financial strength and stability. The bank has a healthy capitalization rate, a diverse loan portfolio, and a strong presence in the Midwest region. The merger with Old National Bank further enhanced its total assets, and the FDIC insurance adds an extra layer of security for depositors.
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First Midwest Bank has a high percentage of commercial and industrial loans
First Midwest Bank is an FDIC-insured institution located in Chicago, Illinois. It was founded in 1933 and has approximately $21.63 billion in assets. The bank attracts deposits, makes loans, and provides wealth management, investment, and retirement plan services to the local communities it serves.
First Midwest Bank has a significantly higher percentage of commercial and industrial loans on its balance sheet compared to other banks in Illinois. This suggests a potential specialty in that lending area. The bank's top three loan types are Commercial and Industrial Loans, 1-4 Family Residential Loans, and Commercial Real Estate.
The bank has expanded its lending beyond commercial real estate in recent years, diversifying into consumer lending. As of June 30, 2023, First Midwest had $377 million in unsecured consumer installment loans, accounting for 3.5% of its $10.9 billion in total loans. This marked a 17% increase in just six months from the $322 million in such loans at the end of 2017.
First Midwest Bank offers customized commercial loans with flexible terms and fast decision-making to help businesses start or expand. Businesses can use these loans to buy property, build new facilities, renovate existing ones, or purchase equipment and machinery. The bank also provides digital banking tools to help businesses manage their finances conveniently.
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The bank has merged with Old National Bank
First Midwest Bank is FDIC-insured, which means that it is backed by the full faith and credit of the US government. The Federal Deposit Insurance Corporation (FDIC) was created in 1933 to help restore trust in the American banking system.
First Midwest Bank, founded in 1933, has approximately $21.63 billion in assets. The bank has a significantly higher percentage of Commercial and Industrial Loans on its balance sheet compared to other banks in Illinois, indicating a potential specialty in that lending area.
First Midwest Bank has merged with Old National Bank, and the merger is now official. Customers of both banks will have access to over 250 banking centers across seven states, including Indiana, Illinois, and Kentucky. They can use their Old National Bank cards without charge at any First Midwest Bank ATM and can cash checks of up to $5,000 at either bank branch.
Old National Bank, which has been serving local communities for 190 years, offers a range of financial services, including checking accounts with cash bonuses, certificates of deposit (CDs), and loans secured by real estate. The bank emphasizes fraud prevention and provides resources to help customers protect their personal information.
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Frequently asked questions
Yes, First Midwest Bank is FDIC-insured, backed by the full faith and credit of the U.S. Government.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance.
It means that the FDIC will protect depositors' money up to a certain amount if the bank fails. No depositor has ever lost deposits that have been within the FDIC insurance limits.
FDIC insurance provides customers with peace of mind, knowing that their money is protected by the U.S. government.
You can confirm if your bank is FDIC-insured by visiting the FDIC's website or by looking for FDIC signage at your local bank branch.
