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Mergers & Acquisitions

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Deal Overview

Buyer:
First Midwest Bancorp, Inc.
Actual Acquirer:
First Midwest Bancorp, Inc.
Target:
CoVest Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/11/2003
Announcement Date:
9/11/2003
Announced Deal Value ($ M):
102.46
Status:
Completed
Completion Date:
12/31/2003
Announced Deal Value Per Share ($ )
27.45

Consideration Breakout
Cash ($M) 102.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 187.5 183.8
Price / Tangible Book (%) 191.3 187.3
Price / Earnings (x) 15.3 15.1
Price / Deposits (%) 20.87 21.78
Price / Assets (%) 16.41 16.82
Tangible Book Premium/ Deposits (%) 10.83 11.07
Deal Terms
Description of Consideration

First Midwest paid $27.45 in cash for each outstanding share of CoVest.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 49,700
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) 2,850
Est. Restructuring Charges ($ 000) 5,223
Maximum Termination Fee ($ 000) 5,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 12,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes William Blair & Co. L.L.C.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Chapman & Cutler LLP
Seller Yes Barack Ferrazzano Kirschbaum