First Midwest Prices Offering, Posts Loss

First Midwest Bancorp Inc. in Itasca, Ill., on Thursday announced the pricing of its public offering, of 16.4 million shares of common stock.

It was priced at $11 a share. The net proceeds are expected to be about $170 million and used for general purposes.

The $7.7 billion-asset First Midwest also reported a larger-than-expected fourth-quarter loss of $37.5 million, nearly 40% larger than the year-earlier loss. On a per-share basis First Midwest lost 73 cents; analysts had projected a loss of 7 cents per share. The loss was driven by a $93 million provision for loan losses.

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