First Midwest Bank is headquartered in Chicago and is the 4th largest bank in the state of Illinois. It is also the 94th largest bank in the nation. It was established in 1933 and as of December of 2019, it had grown to 2,106 employees at 124 locations. First Midwest Bank has an A health rating.
The small branch has a no frills lobby that looks like a small business office. I've never had any problems with unexpected fees or charges. I did overdraw my account by a few dollars once and they actually called me to make sure I knew. When I walk into the branch I'm immediately acknowledged and meet with a greeting. Two of the long term tellers as well as the manager there actually know me by name. It's nice to think that even though I'm a relatively small account they have still taken the time to get to remember me. They are quick to provide assistance if you need it. It has a small town feel to it that many other larger banks typically don't have.
So they bought Bridgeview Bank, where I had healthy balance (over 100k) earning an OK interest. When they moved me to First Midwest, they moved me into the most basic checking account earning .03%.
When I objected, and asked that my healthy balance be moved to an account with a 2% rate, they refused.
Unless I gave them an additional $25k in new money.
I no longer bank with them.
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.
|FDIC Certificate #||3709|
|Return on Assets - YTD||1.34%|
|Return on Equity - YTD||10.12%|
|Annual Interest Income||$698.4MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$17.76B$15.43B|
|Loans||Q4 2019vs Q4 2018||$12.77B$11.35B|
|Deposits||Q4 2019vs Q4 2018||$13.50B$12.25B|
|Equity Capital||Q4 2019vs Q4 2018||$2.32B$2.07B|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$108.0MM$102.2MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$104.5MM$73.7MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$8.8MM$12.8MM|
Rates for First Midwest Bank are currently being reviewed.