- 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.
For further details see:
First Midwest Bancorp Undervalued, But Without Much Agency To Create Value