First Midwest Bancorp, Inc. to Acquire Standard Bancshares, Inc.

ITASCA, IL--(Marketwired - Jun 28, 2016) - First Midwest Bancorp, Inc. ("First Midwest") (NASDAQ: FMBI), the parent company of First Midwest Bank, today announced that it has entered into a definitive agreement to acquire Standard Bancshares, Inc. ("Standard"), the holding company for Standard Bank and Trust Company, headquartered in Hickory Hills, Illinois.

Founded in 1947, Standard operates 35 banking offices in the southwest Chicago suburbs and adjacent markets in northwest Indiana. Standard has total assets of approximately $2.5 billion with $2.1 billion in deposits, of which over 90% are core deposits, and $1.8 billion in loans, of which 80% are commercial-related.

The merger agreement provides for a fixed exchange ratio of 0.4350 shares of First Midwest common stock for each share of Standard common stock. Based upon First Midwest's June 28, 2016 closing price of $16.11 per share, the overall transaction is valued at approximately $365 million, including Standard's common stock, stock options, phantom stock and stock settled rights.

First Midwest's President and Chief Executive Officer, Michael L. Scudder said, "We could not be more excited to welcome Standard's clients and colleagues to the First Midwest team. This combination further positions us as metro Chicago's premier commercial bank, strengthens our leading south metro market presence and continues our expansion into northwest Indiana. At the same time, Standard's strong commercial franchise reinforces our commitment to relationship-based business banking as well as adds talented leadership and depth to our collective teams. We greatly look forward to better serving our collective clients through a full range of quality products and services offered through a more robust banking network."

"We are extremely pleased and excited to join First Midwest," said Lawrence P. Kelley, Standard's President and Chief Executive Officer. "First Midwest shares our unparalleled commitment to serving its clients as their most trusted financial partner. As part of the First Midwest team, we will continue to provide the highly personalized experience our clients have come to expect while providing our clients with an expanded suite of products and services. This partnership will be a long-term benefit to our shareholders, clients and the communities we serve."