First Midwest Bank made $47 million in profit in the second quarter as compared to $41 million in the first quarter and $18 million in the second quarter of last year.
The Chicago-based bank, which is in the process of merging with Evansville-based Old National, made 41 cents per share in the second quarter, up from 36 cents per share in the first quarter and 16 cents per share in the second quarter of 2020. That s a 14% increase over the first quarter and a 156% jump year-over-year. We are very pleased with our performance for the quarter, Chairman and CEO Michael Scudder said. Operating performance once again profited from increasing business momentum, sales production and tight control of our operating costs. The quarter was also aided by lower provisioning for loan losses reflective of both the strengthening economy and proactive credit remediation.
Rosenstengel
CHICAGO – U.S. Seventh Circuit appellate judges approved two decisions of Chief District Judge Nancy Rosenstengel on June 24, one on the court’s civil side and one on the criminal side.
They affirmed her order for Country Mutual Insurance to pay about $250,000 for defense costs it should have provided, and they affirmed her sentence of 20 years on Fernando Alvarez-Carvajal for his part in a drug racket.
Circuit Judge Joel Flaum delivered both opinions, with different colleagues.
Country Mutual’s case resulted from a crash that injured a truck driver, his partner, and a passenger in an ambulance.
Theodore Berg of Hamel Fire Protection District drove the ambulance for Alhambra-Hamel ambulance service.
Grand Rapids Business Journal
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Courtesy Old National Bancorp
Courtesy First Midwest Bancorp
A bank with West Michigan locations is merging with First Midwest Bancorp to create a new entity with $45 billion in combined assets.
Evansville, Indiana-based Old National Bancorp (Nasdaq: ONB) and Chicago-based First Midwest Bancorp (Nasdaq: FMBI), said on Tuesday that they entered into a definitive merger agreement to combine in an all-stock merger of equals transaction with a total market value of $6.5 billion to create a premier Midwestern bank with $45 billion in combined assets.
The transaction is expected to close in late 2021 or early 2022 subject to customary closing conditions, including regulatory and shareholder approvals.
Provided
Chicago-based First Midwest Bancorp said Tuesday it will merge in a $6.5 billion deal with Old National Bancorp of Evansville, Indiana.
The merger will eliminate the name of First Midwest Bank, ranked as the ninth-largest savings institution in the Chicago area with deposits of about $14 billion. The combined company will use the Old National name and will maintain dual headquarters in Chicago and Evansville.
First Midwest stockholders will own about 44% of the new company once the merger is completed. They would get 1.1336 Old National shares for each First Midwest share they own. The transaction is expected to close in late 2021 or early 2022.
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