First Midwest Bancorp Inc. (NASDAQ: FMBI) said Thursday that the bank is seeking to raise $170 million during a public offering, according to Associated Press.
The company said it will offer 16.4 million shares of common stock priced at $11 per share. That equates to about $180 million, but falls to $170 million after deducting discounts and expenses.
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The bank said it plans to use the proceeds for general corporate purposes.
First Midwest Bancorp Inc. operates First Midwest Bank and First Midwest Insurance Co.
Underwriters will have a 30-day option to purchase up to 2.5 million additional shares of the First Midwest's stock.
Shares of First Midwest Bancorp Inc. climbed 60 cents, or 5.2 percent, to $12.08 on Thursday.
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