First Midwest Bank is headquartered in Itasca and is the 6th largest bank in the state of Illinois. It is also the 124th largest bank in the nation. It was established in 1933 and as of March of 2014, it had grown to 1,593 employees at 91 locations. First Midwest Bank's savings rates are 15% higher than the national average, and it has a A health rating.
I have been waiting for a while to write this review. I never wrote a review before, but I think people need to know how they treat customers.
FMB took over Peotone Bank and Trust (PBT) a few years ago because it went bankrupt. Obviously PBT loaned to a lot of farmers and people in the Peotone area. We were told that they did not want to renew our loan because it was a farm loan (we are a boarding stable). The first question is why did they take over PBT in the first place if they cannot handle the type of loans that PBT had? They asked us to pay one of their appraisers over $3000 to appraise our property just for one year extension loan. We found appraisers that would do it for less but it would not be acceptable for them. Anyway we finally had luck and found First Farm Credit Services who were willing to renew our loan at an excellent rate and for a lower appraisal fee ($150).
In addition they paid the property taxes on our house instead of the farm from our farm escrow account, not once but twice! Also, they miscalculated the monthly payment on our escrow account which means that after 1 year we had to send a big sum of money to fill the gap. A calculation that a fifth grader can do! I also sent additional money to our escrow account which never ended up there but to the principal account (how hard it is to read on the return slip "money for escrow account"?
If we would not have been able to refinance our loan with First Farm Credit Services, we would have lost our business for sure. We are running a successful business, so I am not sure what is the issue with them? If they cannot loan to people like us, how can they loan to people who really struggle and need to refinance. Instead they try to put your head down in the water as deep as they can. Shame on them!
I've tried to open a checking account with First Midwest Bank four times (all online). Each time, the application fails, due to some "technical error."
The bank says it's aware of the problem, but can't provide a date of resolution.
My guess is that the "technical errors" will magically disappear, right after the $100 promotion ends.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 First Midwest Bank had $104.83 million in non-current loans and owned real-estate with $1.17 billion in equity and loan loss allowances on hand to cover it. This gives First Midwest Bank a Texas Ratio of 8.94% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for First Midwest Bank decreased dramatically from 12.86% as of March 31, 2013 to 8.94% as of March 31, 2014, resulting in a positive change of 30.46%.This indicates that the balance sheet and financial strength for First Midwest Bank has improved dramatically in recent periods.
In the past year, First Midwest Bank has increased its total deposits by $211.35 million, resulting in 3.19% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First Midwest Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First Midwest Bank has $8.2 billion in assets with $1.17 billion in equity, resulting in a capitalization level of 14.31%, which is excellent.
|FDIC Certificate #||3709|
|Assets and Liabilities|
|Equity Capital||$1.09 billion|
|Loan Loss Allowance||$80.47 million|
|Unbacked Noncurrent Loans||$83.30 million|
|Real Estate Owned||$21.54 million|
|Historic Data - March 2013|
|Equity Capital||$1.06 billion|
|Loan Loss Allowance||$96.81 million|
|Unbacked Noncurrent Loans||$83.30 million|
|Real Estate Owned||$29.59 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.68%|
|Return on Assets||1.04%|
|Return on Equity||7.87%|
|Interest Income||$69.53 million|
Always verify rates and promotions with the bank or credit union. We are not First Midwest Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.15%||$100k||-||Investor Reserve Savings|
|0.03%||-||-||Business Statement Savings|
|0.17%||$50k||-||IRA Money Market|
|0.17%||$100k||-||Diamond Money Market|
|0.15%||$100k||-||Business Premier Money Market|
|0.10%||$100k||-||Premier Money Market|
|0.05%||-||-||Business Money Market|
|0.01%||-||-||Business Checking with Interest|
|0.82%||$100k||-||60 Month CD|
|0.82%||$100k||-||Business 60 Month CD|
|0.57%||$100k||-||48 Month CD|
|0.57%||$100k||-||Business 48 Month CD|
|0.32%||$100k||-||36 Month CD|
|0.32%||$100k||-||Business 36 Month CD|
|0.22%||$100k||-||24 Month CD|
|0.22%||$100k||-||Business 24 Month CD|
|0.17%||$100k||-||18 Month CD|
|0.17%||$100k||-||Business 18 Month CD|
|0.12%||$100k||-||12 Month CD|
|0.12%||$100k||-||Business 12 Month CD|
|0.11%||$100k||-||9 Month CD|
|0.11%||$100k||-||Business 9 Month CD|
|0.10%||$100k||-||6 Month CD|
|0.10%||$100k||-||Business 6 Month CD|
|0.09%||$100k||-||3 Month CD|
|0.09%||$100k||-||Business 3 Month CD|
|0.82%||$100k||-||60 Month IRA|
|0.57%||$100k||-||48 Month IRA|
|0.32%||$100k||-||36 Month IRA|
|0.22%||$100k||-||24 Month IRA|
|0.17%||$100k||-||18 Month IRA|
|0.12%||$100k||-||12 Month IRA|
|0.11%||$100k||-||9 Month IRA|
|0.10%||$100k||-||6 Month IRA|