Midland States Bancorp, Inc. Completes the Acquisition of Centrue Financial Corporation
June 12 2017 - 07:00AM
Midland States Bancorp, Inc. (NASDAQ:MSBI) (“Midland”) today
announced it has completed its acquisition of Centrue Financial
Corporation (NASDAQ:CFCB) (“Centrue”), the parent company of
Centrue Bank. As a result of the transaction, Centrue Bank is now a
wholly owned subsidiary of Midland. The transaction brings
Midland’s total assets to approximately $4.5 billion.
Leon J. Holschbach, President and Chief
Executive Officer of Midland, commented, “We are very pleased
to welcome Centrue’s customers, employees and shareholders to the
Midland family. Centrue is a great franchise and we are very
familiar with its markets. Centrue customers will also
benefit from the additional products, services and lending capacity
that Midland offers.
“This acquisition fits squarely into our
strategic plan of making accretive acquisitions in good
markets. We believe we can realize strong synergies through
this transaction while also increasing our ability to grow our
customer base in northern and central Illinois,” said Mr.
Holschbach.
The transaction will increase the Midland branch
network to approximately 50 locations across Illinois and in the
St. Louis and Colorado markets. Midland also operates
approximately 40 additional locations across the United States in
connection with its residential mortgage, commercial FHA loan
origination and commercial equipment leasing businesses.
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. Following the acquisition of Centrue Financial Corporation,
Midland has assets of approximately $4.5 billion. Midland’s
Wealth Management Group has assets under administration of
approximately $1.9 billion. 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. For
additional information, visit Midland at www.midlandsb.com or
follow Midland on LinkedIn at
https://www.linkedin.com/company/midland-states-bank.
Special Note Concerning Forward-Looking
Statements
Readers should note that this press release
includes “forward-looking statements,” including but not limited to
statements about the Centrue transaction. These statements
are subject to many risks and uncertainties, including the
possibility that any of the anticipated benefits of the transaction
will not be realized within the expected time period or at all and
the possibility that the transaction may be more expensive to
complete than anticipated, including as a result of unexpected
factors or events. 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.
CONTACTS:
Kevin L. Thompson, Chief Financial Officer, at kthompson@midlandsb.com or (217) 342-7321
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321
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