First Midwest Bancorp to sell $150 million in stock

First Midwest Bancorp Inc., which got $193 million in public money through the Troubled Asset Relief Program, has announced a stock offering to raise additional capital.

First Midwest said in a press release and a Securities and Exchange Commission filing that it intends to sell approximately $150 million in common stock through an underwriting team that includes Goldman Sachs & Co. and Keefe, Bruyette & Woods Inc.

The bank holding company, which has headquarters in itasca, Ill., said it would use the proceeds for general corporate purposes. The underwriters have an option to purchase additional shares amounting to 15 percent of the offering.

First Midwest also announced its earnings on Wednesday. It posted a bigger-than-expected loss of $37.5 million for the fourth quarter of 2009, compared with a loss of $26.9 million for the same period in 2008. The company cited higher loan loss provisions, attributable mainly to residential construction and land loans.

First Midwest lost $25.7 million for all of 2009, compared with a profit of $49.3 million in 2008.

The company said provisions for loan losses totaled $215.7 million in 2009, with $93 million of that coming in the fourth quarter. It set aside $70.2 million for loan losses in 2008.

First Midwest ended the year with $7.71 billion in total assets, down from $8.53 billion in 2008.