FMBI - First Midwest Bancorp Undervalued But Without Much Agency To Create Value

• First Midwest had a better second quarter performance than its merger partner Old National, with better performance on a pre-provision basis, though with a bit less loan growth improvement.
• First Midwest has built an arguably underrated commercial lending platform, and Old National should have some attractive opportunities to leverage that across a wider footprint and with underused deposits.
• The fates of FMBI and ONB are tied together now, but FMBI looks very slightly cheaper and would be the bank I'd rather own if the deal falls apart.

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