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FIRST MIDWEST FINANCIAL, INC. COMPLETES INITIAL STOCK OFFERING

 STORM LAKE, Iowa, Sept. 20 /PRNewswire/ -- James S. Haahr, president of First Federal Savings Bank of the Midwest (First Federal), announced that First Federal's newly formed holding company, First Midwest Financial, Inc., (NASDAQ: CASH) has completed its stock offering in connection with First Federal's conversion from mutual to stock form. 1,917,625 shares of First Midwest Financial, Inc., common stock were sold at $10 per share.
 First Federal's plan of conversion to stock form was approved by First Federal's members at the special meeting that was held on Sept. 14, 1993.
 The net proceeds of the offering will be used by First Midwest Financial, Inc., and First Federal for general corporate purposes permitted by applicable law and regulations, including the lending and investment activities of First Federal, and will substantially increase the capital of First Federal. Pending such uses, the net proceeds will be invested in short-term marketable securities. Haahr expressed his appreciation to the community for its response to the stock offering and said that First Federal looks forward to serving the needs of its customers as a stock savings bank.
 First Midwest Financial, Inc., stock began trading on the NASDAQ Stock Market on Sept. 20, 1993, under the symbol "CASH."
 -0- 9/20/93
 /NOTE: This security is not a deposit or account and is not federally insured or guaranteed/
 /CONTACT: James S. Haahr of First Midwest Financial, 712-732-4117/
 (CASH)


CO: First Midwest Financial ST: Iowa IN: FIN SU: OFR

DS-DB -- MN017 -- 3847 09/20/93 16:44 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
Words:252
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