First Midwest Bank Acquires Waukegan Savings Bank

ITASCA, IL, Aug 03 (Marketwire) --
(NASDAQ: FMBI) First Midwest Bank today announced that it acquired the
deposits and loans of Waukegan Savings Bank, Waukegan, Illinois at the
close of business today in a transaction facilitated by the Federal
Deposit Insurance Corporation ("FDIC"). First Midwest Bank is a wholly
owned subsidiary of First Midwest Bancorp, Inc. ("First Midwest" or the
"Company").

"I want to welcome all Waukegan Savings Bank customers to First Midwest
Bank and assure them that their deposits and business affairs are in
strong and trusted hands," said Michael L. Scudder, President and Chief
Executive Officer of First Midwest. "First Midwest is the community bank
of choice for more than one quarter million families and twenty five
thousand businesses in the greater Chicagoland area through our network
of nearly 100 branches. With our complementary branch locations, business
lines, and community banking values, Waukegan Savings Bank and First
Midwest are a great match. We look forward to working side-by-side with
our new colleagues to add to their already high level of personal service
and commitment to the communities they serve."

The former Waukegan Savings Bank branches located at 1324 Golf Road,
Waukegan, Illinois, 60087 and 1075 N. Green Bay Road, Waukegan, Illinois,
60085, will re-open on Saturday, August 4, 2012, under the First Midwest
Bank name with normal branch hours. Waukegan Savings Bank customers can
continue to access their accounts as usual through ATMs, checks and debit
cards. The entire network of First Midwest Bank branches will be
available to Waukegan Savings Bank customers following the necessary
conversion of bank operating systems that is planned to occur before the
end of the year.

Customers who have questions about the transaction can call the FDIC Call
Center toll-free at 800-823-3215. The phone number is operational this
evening until 9:00 p.m. Central Time; and on Saturday from 9:00 a.m. to
6:00 p.m. Central Time; on Sunday from noon to 6:00 p.m. Central Time
and, thereafter, from 8:00 a.m. to 8:00 p.m. Central Time. Information is
also available from the FDIC's website at www.fdic.gov.

First Midwest Bank was selected to complete this transaction through a
competitive bidding process. Waukegan Savings Bank had approximately $74
million in deposits at June 30, 2012. First Midwest Bank purchased
approximately $63 million in loans.

About the Company
First Midwest Bank, the wholly owned subsidiary of
Itasca-based First Midwest Bancorp, Inc. is the premier
relationship-based banking franchise in the dynamic Chicagoland banking
market with approximately $8 billion in assets. As one of the Chicago
metropolitan area's largest independent bank holding companies, First
Midwest provides the full range of business, retail banking and wealth
management services through some 100 offices located in communities in
metropolitan Chicago, northwest Indiana, central and western Illinois,
and eastern Iowa. First Midwest has been recognized by the Chicago
Tribune for two straight years as one of the top 20 best places to work
in Chicago among large employers. Additionally, Forbes has recognized
First Midwest as one of America's Most Trustworthy Companies for 2012.

CONTACT:
James M. Roolf
(Media)
SVP, Corporate Relations Officer
(630) 875-7533

Paul F. Clemens
(Investors)
EVP, Chief Financial Officer
(630) 875-7347
www.firstmidwest.com

First Midwest Bancorp, Inc.
One Pierce Place, Suite 1500
Itasca, Illinois 60143-9768
(630) 875-7450

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