First Midwest Bancorp said Friday it will lay off 180 employees, or 15% of its work force, and take a $4.5 million pretax charge in the fourth quarter as part of a restructuring plan.

The cost-cutting measure is intended to save the Naperville, Ill.-based bank $8 million, before taxes. The bank also hopes to lower its efficiency ratio from 66% to 60% by the end of 1996.

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