19 First Midwest Branches Closing: Report

ITASCA, IL — First Midwest Bancorp will close 19 locations and reduce staff by 7 percent by the end of 2018, the company announced this week. First Midwest hasn't yet revealed which locations will close but said the move is part of its "delivering excellence" initiative in an investor release titled, "First Midwest Positioning for Service Excellence, Efficiency and Growth."

The closings will leave 110 First Midwest branch locations, the ninth-most of any bank in the Chicago market and the third most in the south suburban area.

The cuts will mean the elimination of about 150 jobs, according to Crain's Chicago Business. Half of the job cuts are expected to come from attrition, First Midwest said, with the remaining 75 resulting from layoffs.

“As a growing company built on client relationships and service, ‘Delivering Excellence’ is a natural progression,” Michael L. Scudder, chairman, president and chief executive officer said in a statement. “As our clients’ preferences and industry continue to evolve amid technological and digital advancement, it is incumbent upon us to align our business and resources to provide our clients with the superior experience they have come to expect from First Midwest, solidifying our competitive advantage.”

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