Midland States Bancorp, Inc. Receives Federal Reserve Approval for Pending Acquisition of Centrue Financial Corporation
April 19 2017 - 12:15PM
Midland States Bancorp, Inc. (NASDAQ:MSBI) (“Midland”) today
announced that that it has received approval from the Federal
Reserve to acquire Centrue Financial Corporation (“Centrue”) and
its wholly owned subsidiary, Centrue Bank, based in Ottawa,
Illinois.
“We have been working hard to complete our transaction with
Centrue, and are pleased to have received Federal Reserve
approval,” said Leon J. Holschbach, President and Chief Executive
Officer of Midland. “We believe the transaction provides a
tremendous opportunity to expand our presence in our Illinois and
St. Louis markets, and to continue superior customer service to
Centrue’s customers with our combined group of bankers and wealth
management professionals.”
The transaction is expected to close in mid-2017, and remains
subject to the approval of the Illinois Department of Financial and
Professional Regulation, the approval of Midland’s and Centrue’s
shareholders, and the satisfaction of other customary closing
conditions.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial
holding company headquartered in Effingham, Illinois, and is the
sole shareholder of Midland States Bank. Midland had assets of
approximately $3.2 billion, and its Midland Wealth Management Group
had assets under administration of approximately $1.7 billion as of
December 31, 2016. Midland provides a full range of commercial and
consumer banking products and services, merchant credit card
services, trust and investment management, and insurance and
financial planning services. In addition, commercial equipment
leasing services are provided through Heartland Business Credit,
and multi-family and healthcare facility FHA financing is provided
through Love Funding, Midland’s non-bank subsidiaries. Midland has
more than 80 locations across the United States. For additional
information, visit www.midlandsb.com or follow Midland on
LinkedIn at
https://www.linkedin.com/company/midland-states-bank.
Forward-Looking Statements
Readers should note that this press release includes
“forward-looking statements,” including but not limited to
statements about the proposed transaction with Centrue. These
statements are subject to many risks and uncertainties, including
(i) the possibility that any of the anticipated benefits of the
proposed transaction will not be realized within the expected time
period or at all; (ii) the risk that integration of Centrue’s
operations will be materially delayed or will be more costly or
difficult than expected; (iii) the failure of the proposed
transaction to close for any other reason; (iv) the effect of the
announcement of the transaction on customer relationships and
operating results; (v) the possibility that the transaction may be
more expensive to complete than anticipated, including as a result
of unexpected factors or events; and (vi) other risks detailed from
time to time in filings made by Midland and Centrue with the
Securities and Exchange Commission (the “SEC”). Readers should note
that the forward-looking statements included in this press release
are not a guarantee of future events, and that actual events may
differ materially from those made in or suggested by the
forward-looking statements. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as
“will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,”
“estimate,” “anticipate,” “believe” or “continue,” or similar
terminology. Any forward-looking statements presented herein are
made only as of the date of this press release, and we do not
undertake any obligation to update or revise any forward-looking
statements to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
Additional Information
This communication is being made in respect of the merger
involving Midland and Centrue. This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval.
Midland has filed a registration statement on Form S-4 with the
SEC in connection with the proposed transaction. The registration
statement includes a proxy statement of Midland and Centrue that
also constitutes a prospectus of Midland, which will be sent to the
shareholders of each of Midland and Centrue. The registration
statement has not yet become effective and the joint proxy
statement/prospectus included therein is in preliminary form.
Shareholders are advised to read the joint proxy
statement/prospectus because it contains important information
about Midland, Centrue and the proposed transaction. This document
and other documents relating to the merger filed by Midland and
Centrue can be obtained free of charge from the SEC’s website at
www.sec.gov. These documents also can be obtained free of charge by
accessing Midland’s website at www.midlandsb.com under
“Investors” and then under the “SEC Filings” tab or by accessing
Centrue’s website at www.centrue.com under “Investor
Relations” and then under the “SEC Filings” tab. Alternatively,
these documents may be obtained free of charge from Midland upon
written request to Midland States Bancorp, Inc., Corporate
Secretary, 1201 Network Centre Drive, Effingham, Illinois, 62401 or
by calling (217) 342-7321 or emailing corpsec@midlandsb.com, or
from Centrue, upon written request to Centrue Financial
Corporation, Investor Relations, 122 West Madison Street, Ottawa,
Illinois 61350 or by calling (815) 431-8400 or emailing
investor.relations@centrue.com.
Participants in this Transaction
Midland, Centrue and certain of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from shareholders in connection with the
proposed transaction under the rules of the SEC. Information
about these participants may be found in Midland’s definitive proxy
statement relating to its 2017 annual meeting of shareholders filed
with the SEC on March 17, 2017 and in Centrue’s Annual Report on
Form 10-K filed with the SEC on March 2, 2017. These documents
can be obtained free of charge from the sources indicated above.
Additional information regarding the interests of these
participants is included in the joint proxy statement/prospectus
regarding the proposed transaction.
CONTACT:
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321
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