First Midwest Bank planning yearly branch expansion in Chicago area

Illinois-based First Midwest Bank has announced plans to construct three new full-service banking centers in the Chicago suburban communities of Lindenhurst, Orland Park and Plainfield. "The construction of these three facilities marks the implementation of First Midwest's expansion strategy that will see the bank construct up to four new facilities per year. The new facilities will be built in highly attractive markets that represent future growth opportunities for the bank," said John M. O'Meara, president of First Midwest Bancorp.

The Lindenhurst and Orland Park offices will operate with 4,500 square feet of banking space, driveup banking lanes, night deposit, and 24-hour drive-up ATM. The Plainfield office will incorporate these same elements as well as have commercial lending and cash management operations.

The new banking centers will feature what First Midwest calls its "Bank of the Future" building design, which combines modern, technological and traditional banking elements. "First Midwest worked with a team of designers to develop its new branch environment allowing clients to move through banking activities quickly and easily while providing optimum privacy and personal attention," the bank said in its announcement.

"The Lindenhurst community was a strategic choice for us since we have a growing network of branches in Lake County and a No. 1 market share within those communities we serve," said O'Meara. "Orland Park and Plainfield are important for us as well, given that both areas are experiencing rapid growth."

The bank is under contract to acquire all three pieces of property, and a tentative construction schedule has been set which includes a spring groundbreaking and late fall completion. Additionally, two other sites are in the advanced stages of negotiation and may be announced shortly.

With assets of approximately $6 billion, First Midwest is one of the largest independent banks in the Chicago market with 70 offices located in more than 40 communities primarily in northern Illinois.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.