Midland States Bancorp, Inc. Announces Receipt of Federal Regulatory Approval for Acquisition of Alpine Bancorporation
January 09 2018 - 5:28PM
Midland States Bancorp, Inc. (NASDAQ:MSBI) (the “Company” or
“Midland”) and Alpine Bancorporation, Inc. (“Alpine”) today
announced the receipt of the required regulatory approval from The
Federal Reserve Bank of St. Louis for the acquisition of Alpine
Bancorporation by Midland States Bancorp. The consummation of
Midland’s acquisition of Alpine Bancorporation remains subject to
the approval of each party’s shareholders, approval by the Illinois
Department of Financial and Professional Regulation, and
satisfaction of other customary closing conditions. Midland
and Alpine expect the acquisition will close by the end of February
2018.
Leon J. Holschbach, President and Chief
Executive Officer of Midland, commented, “We are very pleased to
move up the anticipated closing date for this transaction, which
should accelerate the realization of the positive benefits that we
anticipate from our combination with Alpine.”
R. Robert Funderburg, Jr., Chairman of the Board
of Alpine, added, “We are pleased to have this clarity on the
timing of the closing, which will help lead to a smooth transition
for our customers and employees. Working together with
Midland, we will ensure that our customers continue receiving the
same outstanding service they have come to expect, while also
benefiting from a broader selection of financial products and
services.”
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.
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 Midland’s expected loan production, operating
expenses, future earnings levels and other projections relating to
the proposed transaction. 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 Alpine’s operations will be materially
delayed or will be more costly or difficult than expected; (iii)
the failure of the proposed transaction to close; (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 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 disclosure is being made in respect of the
Merger and 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 Securities and Exchange Commission (“SEC”) in
connection with the proposed transaction. The registration
statement includes a joint proxy statement of Midland and Alpine
that will also constitute a prospectus of Midland, which has been
sent to Midland’s and Alpine’s respective shareholders.
Shareholders are advised to read the joint proxy
statement/prospectus and other documents filed with the SEC when
they become available because they will contain important
information about Midland, Alpine and the proposed transaction.
When filed, this document and other documents relating to the
Merger filed by Midland can be obtained free of charge from the
website maintained by the SEC 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. Alternatively, once they become available any of
these filed documents can be obtained free of charge upon written
request to Midland States Bancorp, Inc., Corporate Secretary, 1201
Network Centre Drive, Effingham, Illinois 62401, by calling (217)
342-7321 or by emailing corpsec@midlandsb.com.
Participants in this
Transaction
Midland, Alpine 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 applicable SEC rules. Information
about Midland and its directors and executive officers may be found
in Midland’s annual report on Form 10-K for the year ended December
31, 2016, filed with the SEC on March 10, 2017, and Midland’s
definitive proxy statement for its 2017 annual meeting of
shareholders, filed with the SEC on March 17, 2017. These documents
can be obtained free of charge from the sources indicated above.
Information regarding Alpine and its directors and executive
officers may be found in the joint proxy statement/prospectus when
it becomes available. Additional information regarding the
interests of these participants will also be included in the joint
proxy statement/prospectus regarding the proposed transaction when
it becomes available.
CONTACTS:
For Midland:Douglas J. Tucker, Sr. V.P.,
Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321
For Alpine:Lesly K. Couper, SVP, Marketing and
Communications, at Lesly.couper@bankalpine.com or (815)
231-1797
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