First Midwest Bancorp (FMBI), provided details of its planned strategic initiatives to enhance its customer experience, branch network and operating efficiency. The company is currently conducting an analysis of its existing distribution network, as well as customer preference and usage patterns. Based on these findings, it now plans to open a full service branch in Naperville, Illinois and downtown Chicago markets in first quarter 2016, consolidate four existing branches into nearby operating locations and sell twelve closed branches and seven parcels of land previously purchased for expansion.

The moves are expected to result in an annualized pre-tax reduction of ongoing operating costs of about $3.6 million, 60% of which is expected to be realized in 2016.