First Midwest announces approval of $180M stock repurchase program
First Midwest Bancorp announced that its Board of Directors has approved a stock repurchase program that authorizes the company to repurchase up to $180M of its common stock, or approximately 7.5% of the company's outstanding shares. Stock repurchases under this program may be made from time to time on the open market or in privately negotiated transactions, at the discretion of the company. The program will be in effect for a one-year period, with repurchases made at prices to be determined by the company. "The Board's adoption of this stock repurchase program is an important alternative within our overall capital management strategy and reflects our continuing commitment to growing long-term value for our stockholders," said Michael L. Scudder, Chairman and CEO.