GlobeNewswire Inc | Feb 22, 2021 08:00AM EST

February 22, 2021

CHICAGO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. (the Company or First Midwest) today announced that its Board of Directors declared a quarterly cash dividend of $0.14per share on the Companys common stock. This quarterly cash dividend will be payable on April13, 2021 to common stockholders of record on March26, 2021 and will represent the 153rd consecutive cash dividend paid by First Midwest since its inception in 1983.

In addition, the Board of Directors declared a quarterly cash dividend of $17.50per share (equivalent to $0.4375per depositary share or 1/40th interest per share) on the Companys 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, SeriesA (NASDAQ:FMBIP) and SeriesC (NASDAQ:FMBIO). The dividends are payable on May20, 2021 to stockholders of record as of the close of business on May5, 2021.

The Company also announced today that it will resume purchases under its existing stock repurchase program, which was approved by the Board of Directors in February 2020 and which authorizes the repurchase of up to $200million of the Companys common stock. The resumption of the stock repurchase program allows the Company to continue to deliver on its commitment to create long-term shareholder value while remaining focused on helping its clients achieve financial success.

About First Midwest

First Midwest (NASDAQ: FMBI) is a relationship-focused financial institution and one of the largest independent publicly traded bank holding companies based on assets headquartered in Chicago and the Midwest, with approximately $21billion of assets and an additional $14billion of assets under management. First Midwest Bank and the Companys other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services. First Midwest operates branches and other locations throughout metropolitan Chicago, southeast Wisconsin, northwest Indiana, eastern Iowa and other markets in the Midwest. Visit First Midwest at www.firstmidwest.com.

Investors: Media:Patrick S. Barrett Maurissa KanterEVP, Chief Financial Officer SVP, Director of Corporate Communications708.831.7231 708.831.7345pat.barrett@firstmidwest.com maurissa.kanter@firstmidwest.com