Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SCUDDER MICHAEL L
  2. Issuer Name and Ticker or Trading Symbol
FIRST MIDWEST BANCORP INC [FMBI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & COO
(Last)
(First)
(Middle)
ONE PIERCE PLACE, SUITE 1500
3. Date of Earliest Transaction (Month/Day/Year)
09/04/2007
(Street)

ITASCA, IL 60143
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/04/2007   M(1)   468 A $ 21.7 5,545 I By NQ Stock Option Gain Deferral Plan
Common Stock 09/04/2007   M(2)   3,903 A $ 18.4 9,448 I By NQ Stock Option Gain Deferral Plan
Common Stock 09/04/2007   F(1)   294 D $ 34.585 9,154 I By NQ Stock Option Gain Deferral Plan
Common Stock 09/04/2007   F(2)   2,077 D $ 34.585 7,077 I By NQ Stock Option Gain Deferral Plan
Common Stock               9,701 D  
Common Stock               4,984 I By Profit Sharing Plan Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 21.7 09/04/2007   M(1)     468   (3) 02/18/2008 Common Stock 468 $ 0 0 D  
Non-Qualified Stock Option (right to buy) $ 34.585 09/04/2007   A(4)   294   01/18/2008 02/18/2008 Common Stock 294 $ 0 294 D  
Non-Qualified Stock Option (right to buy) $ 18.4 09/04/2007   M(2)     3,903   (5) 02/16/2010 Common Stock 3,903 $ 0 6,695 D  
Non-Qualified Stock Option (right to buy) $ 34.585 09/04/2007   A(4)   2,077   03/04/2008 02/16/2010 Common Stock 2,077 $ 0 2,077 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SCUDDER MICHAEL L
ONE PIERCE PLACE, SUITE 1500
ITASCA, IL 60143
      President & COO  

Signatures

 By: Andrea L. Stangl, Attorney-in-fact   09/06/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents the exercise of stock options for the purchase of 468 shares of the Company's common stock issued under the Company's Omnibus Stock & Incentive Plan, with the reporting person tendering as payment of the exercise price 294 shares of previously owned common stock.
(2) Represents the exercise of stock options for the purchase of 3,903 shares of the Company's common stock issued under the Company's Omnibus Stock & Incentive Plan, with the reporting person tendering as payment of the exercise price 2,077 shares of previously owned common stock.
(3) The stock option vests in two equal annual installments beginning on February 18, 2000.
(4) Represents a reload stock option granted under the Company's Omnibus Stock & Incentive Plan to replace the number of shares tendered as payment of the option exercise price on September 4, 2007.
(5) The stock option vests in two equal annual installments beginning on February 16, 2002.

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