-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, AyzsG5gLSUEl4iNgUiA+5BUFQrk7PjxSjCK7YzI3kVBE3La4Qe5tL9YnJujLOKLE Km8H8h4SPvAu+bfgiHnWeQ== 0000950131-95-001562.txt : 19950609 0000950131-95-001562.hdr.sgml : 19950609 ACCESSION NUMBER: 0000950131-95-001562 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950601 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950608 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MIDWEST BANCORP INC CENTRAL INDEX KEY: 0000702325 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 363161078 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10967 FILM NUMBER: 95545889 BUSINESS ADDRESS: STREET 1: 184 SHUMAN BLVD STE 310 STREET 2: PO BOX 3086 CITY: NAPERVILLE STATE: IL ZIP: 60566-7086 BUSINESS PHONE: 7087788700 MAIL ADDRESS: STREET 1: 184 SHUMAN BLVD STE 310 STREET 2: P O BOX 3086 CITY: NAPERVILLE STATE: IL ZIP: 60566-7086 8-K 1 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported)....................June 1, 1995 First Midwest Bancorp, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-10967 36-3161078 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 184 Shuman Boulevard, Suite 310, Naperville, Illinois 60566 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (708) 778-8700 --------------------------- - -------------------------------------------------------------------------------- (Former name or address, if changed since last report) Exhibit Index is on Page 5 FIRST MIDWEST BANCORP, INC. FORM 8-K JUNE 1, 1995 Item 5. Other Events - -------------------- On June 1, 1995 First Midwest Bancorp, Inc. ("First Midwest") announced that it had entered into a definitive agreement to acquire CF Bancorp, Inc. ("Bancorp"). Bancorp is the holding company of Citizens Federal Savings Bank, F. S. B. ("Citizens Federal") which is headquartered in Davenport, Iowa with additional offices in Davenport and Bettendorf, Iowa. Citizens Federal had total assets of approximately $225 million as of March 31, 1995. Under the agreement, Bancorp shareholders will receive 1.4545 shares of First Midwest common stock for each share of Bancorp common stock in a tax-free exchange. Based on First Midwest's May 31 closing price of $24.25, each share of Bancorp's common stock has an implied value of $35.27, with the total transaction valued at approximately $32.3 million based upon total Bancorp common shares currently outstanding. The agreement has been approved by the Boards of Directors of both First Midwest and Bancorp, and is subject to shareholder ratification and customary regulatory approvals. The transaction is expected to be completed in late 1995 or early 1996. Item 7. Financial Statements and Exhibits - ----------------------------------------- Exhibit Index is located on Page 5 of this Report on Form 8-K. -2- FIRST MIDWEST BANCORP, INC. FORM 8-K JUNE 1, 1995 The following Items are not applicable for this Form 8-K: Item 1. Changes in Control of Registrant Item 2. Acquisition or Disposition of Assets Item 3. Bankruptcy or Receivership Item 4. Changes in Registrant's Certifying Accountant Item 6. Resignations of Registrant's Directors Item 8. Change in Fiscal Year -3- FIRST MIDWEST BANCORP, INC. FORM 8-K JUNE 1, 1995 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. First Midwest Bancorp, Inc. ---------------------------------------- (Registrant) Date June 7, 1995 DONALD J. SWISTOWICZ -------------------------- ---------------------------------------- Donald J. Swistowicz Senior Vice President -4- FIRST MIDWEST BANCORP, INC. FORM 8-K JUNE 1, 1995 EXHIBIT INDEX Page Exhibit Number - ----------------------------------------------------------- ------ Exhibit 99 - Additional Exhibits Press release and Supplementary Financial Data issued by First Midwest Bancorp, Inc. dated June 1, 1995 6 -5- CONTACT: James M. Roolf FOR IMMEDIATE RELEASE (708) 778-4007 TRADED: NASDAQ/NMS SYMBOL: FMBI FIRST MIDWEST TO ACQUIRE CF BANCORP NAPERVILLE, IL., JUNE 1, 1995 -- First Midwest Bancorp, Inc. (NASDAQ:FMBI) has announced that it has entered into a definitive agreement to acquire CF Bancorp, Inc. (NASDAQ:CFBC), the holding company of Citizens Federal Bank of Davenport, Iowa. Under the agreement, CF Bancorp shareholders will receive 1.4545 shares of First Midwest Bancorp common stock for each share of CF common stock owned in a tax free exchange. Based on First Midwest Bancorp's May 31 closing price of $24.25, this results in an implied price for each share of CF common stock of $35.27 and a total transaction valued at approximately $32.3 million based upon total CF common shares currently outstanding. For many years First Midwest has operated in the Illinois half of the Illinois - Iowa Quad-Cities area comprised of the cities of Moline and Rock Island, Illinois and Davenport and Bettendorf, Iowa. Its First Midwest Bank headquartered in Moline, Illinois has approximately $375 million in assets and operates seven offices all in Illinois. CF Bancorp's $225 million Citizens Federal Savings Bank is headquartered in Davenport, Iowa with additional offices in Davenport and Bettendorf, Iowa. The acquisition of CF Bancorp represents a significant in-market consolidation - more - that will see the resulting First Midwest Bank having assets of approximately $600 million and operating seven full service offices in both the Illinois and Iowa halves of the Quad-Cities. As such it will be the largest financial institution serving the entire Quad-Cities area. The Quad-Cities area is a significant midwest market that is sometimes not recognized as the diversified, dynamic and growing area that it represents. As an MSA, the Quad-Cities is an area having a population approaching 400,000, employment in excess of 200,000 jobs and annual retail sales of some $2.5 billion. As such, from each of the perspectives of population, employment and retail sales the Quad-Cities MSA is larger than the MSA of each of Peoria, Rockford, Springfield, Bloomington-Normal and Champaign-Urbana, Illinois. Meaningful cost savings are anticipated from this in-market consolidation as well as revenue enhancements. The savings are expected to be dominantly related to redundant back-office operations and related areas. A one time merger transaction charge that is in the process of being quantified will be announced and taken prior to consummation. Commenting on the announcement, Robert P. O'Meara, First Midwest Bancorp President and CEO, said, "the affiliation with CF Bancorp, a very successful and highly respected company, represents a significant opportunity to combine our respective commercial and retail banking strengths while affording us the ability to serve the entire Quad-Cities area". - more - Paul L. Eckert, CF Bancorp President and CEO, said, "we look forward to our combination with First Midwest Bancorp, an organization we have come to know very well. Their business philosophy, like ours, is focused on satisfying customers' financial needs and, at the same time, maintaining strong local commitments to communities served. This combination will significantly benefit our customers and the entire Quad-Cities area." In connection with the agreement CF has granted First Midwest an option to purchase up to 19.9% of the common shares of CF under certain circumstances in the event the transaction is terminated. The merger has been approved by the Boards of Directors of both First Midwest Bancorp and CF Bancorp and is subject to shareholder ratification and customary regulatory approvals. The merger is expected to be completed in late 1995 or early 1996. Following the merger, First Midwest Bancorp, Inc. will be an approximate $3.1 billion company engaged in banking, trust, investment management and mortgage businesses operating 54 offices. As such, it is Illinois' third largest bank holding company with approximately 80% of its assets situated in the Metro Chicago area. # # #
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (unaudited) March 31, 1995 - ------------------------------------------------------------------------------------------------------------ First CF Proforma (Amounts in thousands except per share data) Midwest Bancorp Combined - ------------------------------------------------------------------------------------------------------------ ASSETS Cash and due from banks..................................... $ 114,118 $ 4,334 $ 118,452 Funds sold and other short-term investments................. 13,296 2,065 15,361 Securities available for sale............................... 709,470 5,000 714,470 Securities held to maturity................................. 138,474 93,083 231,557 Loans....................................................... 1,816,532 117,794 1,934,326 Reserve for loan losses..................................... (24,208) (1,062) (25,270) - ------------------------------------------------------------------------------------------------------------ Net loans.............................................. 1,792,324 116,732 1,909,056 - ------------------------------------------------------------------------------------------------------------ Premises, furniture and equipment........................... 41,503 1,753 43,256 Accrued interest receivable and other assets................ 74,630 3,070 77,700 - ------------------------------------------------------------------------------------------------------------ Total assets................................................ $ 2,883,815 $ 226,037 $ 3,109,852 - ------------------------------------------------------------------------------------------------------------ LIABILITIES AND STOCKHOLDERS' EQUITY Deposits.................................................... $ 1,979,294 $ 136,941 $ 2,116,235 Short-term borrowings....................................... 672,237 63,135 735,372 Accrued interest payable and other liabilities.............. 31,790 3,209 34,999 - ------------------------------------------------------------------------------------------------------------ Total liabilities...................................... 2,683,321 203,285 2,886,606 - ------------------------------------------------------------------------------------------------------------ Stockholders' equity........................................ 211,139 22,660 233,799 Unrealized net appreciation (depreciation) on securities available for sale........................................ (10,645) 92 (10,553) - ------------------------------------------------------------------------------------------------------------ Total stockholders' equity............................. 200,494 22,752 223,246 - ------------------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity.................. $ 2,883,815 $ 226,037 $ 3,109,852 - ------------------------------------------------------------------------------------------------------------ BOOK VALUE PER SHARE AT PERIOD END.......................... $ 16.41 $ 25.10 $ 16.49 - ------------------------------------------------------------------------------------------------------------ CREDIT QUALITY (unaudited) March 31, 1995 - ------------------------------------------------------------------------------------------------------------ First CF Proforma (Amounts in thousands) Midwest Bancorp Combined - ------------------------------------------------------------------------------------------------------------ Nonperforming loans......................................... $ 20,185 $ 163 $ 20,348 Foreclosed real estate...................................... 8,542 547 9,089 - ------------------------------------------------------------------------------------------------------------ Nonperforming loans to loans................................ 1.11% 0.14% 1.05% Nonperforming assets to loans plus foreclosed real estate... 1.57% 0.60% 1.51% Reserve for loan losses to loans............................ 1.33% 0.90% 1.31% Reserve for loan losses to nonperforming loans.............. 119.93% 651.53% 124.19% - ------------------------------------------------------------------------------------------------------------ Net loan charge-offs........................................ $ 1,507 $ 25 $ 1,532 - ------------------------------------------------------------------------------------------------------------ Net loan charge-offs to average loans....................... 0.34% 0.09% 0.32% - ------------------------------------------------------------------------------------------------------------
Quarter Ended CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) March 31, 1995 - ------------------------------------------------------------------------------------------------------------------------ First CF Proforma (Amounts in thousands except per share data) Midwest Bancorp Combined - ------------------------------------------------------------------------------------------------------------------------ INTEREST INCOME Interest and fees on loans.............................................. $39,743 $2,525 $42,268 Interest on securities.................................................. 14,060 1,577 15,637 Interest on funds sold and other short-term investments................. 269 81 350 - ---------------------------------------------------------------------------------------------------------------------- Total interest income....................................... 54,072 4,183 58,255 - ---------------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE Interest on deposits.................................................... 16,025 1,560 17,585 Interest on short-term borrowings....................................... 10,515 930 11,445 - ---------------------------------------------------------------------------------------------------------------------- Total interest expense...................................... 26,540 2,490 29,030 - ---------------------------------------------------------------------------------------------------------------------- Net interest income......................................... 27,532 1,693 29,225 PROVISION FOR LOAN LOSSES............................................... 1,632 16 1,648 - ---------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses......... 25,900 1,677 27,577 - ---------------------------------------------------------------------------------------------------------------------- NONINTEREST INCOME Service charges on deposit accounts..................................... 2,245 121 2,366 Trust fees.............................................................. 1,488 --- 1,488 Other service charges, commissions and fees............................. 1,530 51 1,581 Securities transactions, net............................................ 5 --- 5 Gain on sale of assets, net............................................. --- 183 183 Other income............................................................ 671 113 784 - ---------------------------------------------------------------------------------------------------------------------- Total noninterest income......................................... 5,939 468 6,407 - ---------------------------------------------------------------------------------------------------------------------- NONINTEREST EXPENSE Salaries and other employee benefits.................................... 12,094 625 12,719 Occupancy expenses...................................................... 1,418 114 1,532 Equipment expenses and computer processing costs........................ 2,971 87 3,058 FDIC insurance premiums................................................. 1,104 78 1,182 Other expense........................................................... 4,959 176 5,135 - ---------------------------------------------------------------------------------------------------------------------- Total noninterest expense........................................ 22,546 1,080 23,626 - ---------------------------------------------------------------------------------------------------------------------- Income before income tax expense................................. 9,293 1,065 10,358 Income tax expense...................................................... 3,314 336 3,650 - ---------------------------------------------------------------------------------------------------------------------- NET INCOME....................................................... $ 5,979 $ 729 $ 6,708 - ---------------------------------------------------------------------------------------------------------------------- NET INCOME PER SHARE............................................. $ 0.49 $ 0.76 $ 0.50 - ---------------------------------------------------------------------------------------------------------------------- RETURN ON AVERAGE EQUITY................................................ 12.61% 12.98% 12.65% - ---------------------------------------------------------------------------------------------------------------------- RETURN ON AVERAGE ASSETS................................................ 0.85% 1.30% 0.89% - ----------------------------------------------------------------------------------------------------------------------
06/06/95 CF Bancorp, Inc. - Highlights (unaudited) 9 Months Fiscal Years Ended June 30, ---------- ----------- ---------- ---------- ---------- ---------- ---------- Income Statement Data 3/31/95 1994 1993 1992 1991 1990 1989 - ------------------------------------------- ---------- ----------- ---------- ---------- ---------- ---------- ---------- Net interest income (FTE).................. $5,139 $7,054 $6,710 $6,021 $4,555 $3,658 $3,695 Less: Provision for loan losses........... 40 78 104 453 191 135 639 Non-interest income........................ 1,272 1,990 1,527 1,479 1,275 1,639 1,449 Non-interest expense....................... 3,240 4,186 4,105 3,851 3,465 3,304 3,120 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Income before tax & extraordinary items.. 3,131 4,780 4,028 3,196 2,174 1,858 1,385 Less: Income tax provision (benefit)...... 1,074 1,747 1,525 1,232 799 776 560 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Income before extraordinary items........ 2,057 3,033 2,503 1,964 1,375 1,082 825 Change in accounting principle............. 0 435 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net income to common shareholders........ $2,057 $3,468 $2,503 $1,964 $1,375 $1,082 $825 ========== ========== ========== ========== ========== ========== ========== Profitability and Operating Ratios - --------------------------------------------------------------------------------------------------------------------------------- Return on average assets (ROA)............. 1.23% 1.45% 1.34% 1.30% 0.92% 0.70% 0.52% Return on common equity (ROCE)............. 12.50% 15.17% 13.76% 15.52% 19.03% 18.04% 16.35% Return on average equite (ROE)............. 12.50% 15.17% 13.76% 15.52% 19.03% 18.04% 16.35% Net interest margin (FTE).................. 3.22% 3.52% 3.82% 4.25% 3.18% 2.51% 2.42% Non-interest expense/Total revenues........ 53.33% 50.27% 50.85% 53.37% 60.77% 63.61% 64.69% Net charge-offs/Avg. loans................. 0.06% 0.08% 0.09% 0.16% 0.21% 0.28% 0.31% Balance Sheet Data - --------------------------------------------------------------------------------------------------------------------------------- Total assets............................... $226,037 $223,348 $208,196 $155,730 $147,096 $153,434 $155,593 Net loans.................................. 116,732 114,166 112,424 98,861 98,360 97,991 100,816 Total deposits............................. 136,289 129,215 135,112 130,245 134,450 127,806 125,022 Total stockholders' equity................. 22,752 20,975 18,655 17,387 7,915 6,540 5,458 Common equity/Total assets................. 10.07% 9.39% 8.96% 11.16% 5.38% 4.26% 3.51% Tangible tier 1 capital/Total assets....... 10.07% 9.39% 8.96% 11.16% 5.38% 4.26% 3.51% Asset Quality Ratios - --------------------------------------------------------------------------------------------------------------------------------- Non-performing loans/Net loans............. 0.14% 0.28% 0.28% 0.36% 0.36% 0.27% 0.69% Reserves/Non-performing loans.............. 651.53% 339.75% 349.06% 306.96% 227.32% 307.06% 140.26% Non-performing assets ratio................ 0.61% 0.31% 0.65% 0.78% 1.24% 1.49% 1.63% Non-perf. assets/Total assets.............. 0.31% 0.16% 0.35% 0.50% 0.84% 0.97% 1.06% Per Share Data - --------------------------------------------------------------------------------------------------------------------------------- Net income (Fully diluted)................. $2.14 $3.12 $2.42 NA NA NA NA Book value................................. 25.10 23.28 19.96 NA NA NA NA Tangible book value........................ 25.10 23.28 19.96 NA NA NA NA
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