Fitch Affirms First Midwest Bancorp's Ratings on Acquisition Announcement.

Business Editors

CHICAGO--(BUSINESS WIRE)--Sept. 12, 2003

Fitch Ratings has affirmed all ratings of First Midwest Bancorp (FMBI) after the announcement of its acquisition of CoVest Bancshares, Inc. (COVB) of Des Plaines, Ill. The Rating Outlook remains Stable. The complete listing of ratings affirmed is provided at the end of this release. The transaction is subject to regulatory approval and is expected to close in late 2003.

The acquisition will add to FMBI's suburban Chicago footprint. The newly added locations deepen the company's presence surrounding the recently opened O'Hare Financial Center. The O'Hare facility was opened to centralize commercial lending operations. COVB adds its niche in multi-family lending to FMBI's lending operations.

The rating affirmation reflects modest integration risks, COVB represents approximately 10% of FMBI assets, FMBI's strong market presence and steady earnings. Fitch recognizes the pressure the transaction places on tangible capital and expects improvement to come primarily through earnings retention. Significant share repurchases or other activity that delays capital improvement will pressure the rating. Risk-based capital measures are expected to remain relatively unchanged.

FMBI is a $6.5 billion bank holding company headquartered in Itasca, Ill. The company operates mostly in suburban Chicago and provides traditional banking products, as well as trust, insurance, investment management services to its customer base.

Ratings Affirmed:

First Midwest Bancorp

-- Long-term issuer 'BBB+';

-- Short-term issuer 'F2';

-- Individual 'B/C';

-- Support '5'.

First Midwest Bank 

-- Long-term deposit 'A-';

-- Long-term issuer 'BBB+';

-- Short-term deposit 'F2';

-- Short-term issuer 'F2;'

-- Individual 'B/C';

-- Support '5'.