First Midwest Bancorp, Inc. announced that its board of directors has approved a 10-percent increase in the quarterly cash dividend on First Midwest’s common stock to 11 cents per share.
The dividend will be payable April 10 to common stockholders of record on March 23. It represents the 141st consecutive cash dividend paid by First Midwest since its inception in 1983.
"This dividend increase further demonstrates the confidence we have in our company and our business strategy as well as our continued commitment to returning value to our stockholders," said Michael Scudder, First Midwest's chairman, president and CEO.
First Midwest, with locations in the Quad-Cities, is one of the largest independent publicly-traded bank holding companies based on assets headquartered in the Midwest. It has more than $14 billion in assets and about $11 billion in trust assets under management.
Its principal subsidiary, First Midwest Bank, operates more than 130 locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa.