Midland States Bancorp Announces New Leadership, Rebranding and Expansion of its Equipment Leasing Business
January 08 2018 - 4:05PM
Midland States Bancorp, Inc. (NASDAQ:MSBI) announced today that
Fred Van Etten has joined Midland as President of the Company’s
equipment finance business. Mr. Van Etten joins Midland from
Scottrade Financial Services, Inc., where he served as President of
Scottrade Bank Equipment Finance. Midland also announced that
Heartland Business Credit, its equipment leasing subsidiary, will
be rebranded as Midland Equipment Finance and operated as a
division of Midland States Bank.
Leon J. Holschbach, Chief Executive Officer of
the Company, said, “Since acquiring Heartland Business Credit as
part of the Heartland Bank acquisition at the end of 2014, we have
grown our leasing portfolio from approximately $115 million to more
than $200 million today. Now we are ready to further expand
our equipment financing business as we continue to manage the
overall growth of our balance sheet. This expansion reflects
our emphasis on the lending areas that generate the most attractive
risk-adjusted returns.”
Midland also expects to further its equipment
finance team through the addition of a group of equipment finance
professionals that worked with Mr. Van Etten at Scottrade.
Midland Equipment Finance will be headquartered in Clayton,
Missouri.
Holschbach also said, “We are very pleased to
welcome Fred and his group to Midland. Following the sale of
Scottrade to TD Ameritrade, Fred and his team became
available. Fred has a long track record of running
highly productive equipment financing businesses. Not only
will the size of our equipment financing team expand, but we will
also expand our offerings to include loans, leases and hybrid
products to better serve the needs of this market. And
bringing our equipment financing operations more squarely into our
banking footprint will allow our bankers to offer additional
financing and leasing options to our business customers.”
Mr. Van Etten has more than 30 years of
financial services industry experience. In 2012, Mr. Van
Etten helped found Scottrade Bank Equipment Finance and served as
President of that business until the sale of Scottrade to TD
Ameritrade in September 2017. Prior to joining
Scottrade, he held a number of other leadership positions in the
equipment financing industry. He has received his M.B.A. from
Pepperdine University, The George L. Graziadio School of Business
and Management, and his bachelor’s degree in business
administration from Arizona State University at the W.P. Carey
School of Business.
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. As of September 30, 2017, the Company had total assets
of $4.3 billion and its Wealth Management Group had assets under
administration of approximately $2.0 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 financing is provided through
Midland Equipment Finance, and multi-family and healthcare facility
FHA financing is provided through Love Funding, Midland’s non-bank
subsidiaries. For additional information, visit 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 in addition to the
historical information contained herein, this press release
includes "forward-looking statements," including but not limited to
statements about the Company’s expected loan production, operating
expenses and future earnings levels. These statements are
subject to many risks and uncertainties, including changes in
interest rates and other general economic, business and political
conditions, including changes in the financial markets; changes in
business plans as circumstances warrant; and other risks detailed
from time to time in filings made by the Company with the
Securities and Exchange Commission. 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:Douglas J. Tucker, Sr. V.P., Corporate
Counsel, at dtucker@midlandsb.com or (217) 342-7321
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