First Midwest Bancorp (FMBI) will raise its quarterly dividend by 16.7 percent to $0.14 per share in the second quarter of 2019. This follows a total dividend hike of twenty percent last year.

This quarterly cash dividend will be payable on July 9, 2019 to common stockholders of record on June 28, 2019. A new annualized rate of 56 cents per share yields 2.7% at a stock price of $20.55.

“We are pleased to announce this increase in our dividend, which reflects the continued confidence we have in our company and our strategy,” said Michael L. Scudder, Chairman and Chief Executive Officer of First Midwest.

First Midwest is a relationship-based financial institution and one of the largest independent publicly-traded bank holding companies. First Midwest’s principal subsidiary, First Midwest Bank, and other affiliates provide a full range of commercial, equipment leasing, retail, wealth management, trust and private banking products and services through its locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa.