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December 05 2023 - 5:00PM
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United
States
Securities
And Exchange Commission
Washington, DC 20549
FORM
8-K
Current
Report Pursuant to
Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
December 5, 2023
Midland States
Bancorp, Inc.
(Exact Name of Registrant as Specified in Charter)
Illinois |
001-35272 |
37-1233196 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1201 Network Centre Drive
Effingham, Illinois 62401
(Address of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (217) 342-7321
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange
on which registered |
Common stock, $0.01 par value |
MSBI |
The Nasdaq Stock Market LLC |
Depositary Shares (each representing a 1/40th interest in a share of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, $2.00 par value) |
MSBIP |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2
of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On
December 5, 2023, Midland States Bancorp, Inc. (the “Company”) issued a press release announcing that the Company’s
board of directors has authorized a new share repurchase program, pursuant to which the Company will be authorized to repurchase up to
$25 million of common stock during the period from January 1, 2024 through December 31, 2024. A copy of the press release
is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
SignatureS
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: December 5, 2023 | Midland States Bancorp, Inc. |
| |
| |
| By: |
/s/ Douglas J. Tucker |
| |
Douglas J. Tucker |
| |
Senior Vice President and Corporate Counsel |
EXHIBIT 99.1
Midland States Bancorp, Inc. Announces Authorization of New $25 Million Stock Repurchase Program
EFFINGHAM, Ill., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors has approved a new stock repurchase program that authorizes the Company to repurchase up to $25 million of its common stock. The new stock repurchase program will become effective on January 1, 2024 and expires on December 31, 2024. The Company’s current stock repurchase program expires on December 31, 2023 and has approximately $7.2 million remaining under the authorization.
Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We continue to have a balanced approach to capital deployment and the authorization of the new stock repurchase program will continue to provide us with the flexibility to make capital allocation decisions that we believe are in the best long-term interests of shareholders. We will continue to evaluate stock repurchases on a regular basis while maintaining our objective to strengthen our capital ratios to support the continued long-term growth of the Midland franchise and position the Company to effectively manage through the current period of economic uncertainty.”
Stock repurchases under the Company’s authorized program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws, at the discretion of the Company. The timing of purchases and the number of shares repurchased under the program is dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The repurchase program may be suspended or discontinued at any time without prior notice.
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, 2023, the Company had total assets of approximately $7.98 billion, and its Wealth Management Group had assets under administration of approximately $3.50 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
CONTACTS:
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321
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Entity File Number |
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Entity Registrant Name |
Midland States
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Entity Central Index Key |
0001466026
|
Entity Tax Identification Number |
37-1233196
|
Entity Incorporation, State or Country Code |
IL
|
Entity Address, Address Line One |
1201 Network Centre Drive
|
Entity Address, City or Town |
Effingham
|
Entity Address, State or Province |
IL
|
Entity Address, Postal Zip Code |
62401
|
City Area Code |
(217)
|
Local Phone Number |
342-7321
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Common stock, $0.01 par value
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Trading Symbol |
MSBI
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Security Exchange Name |
NASDAQ
|
Depositary Shares (each representing a 1/40th interest in a share of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, $2.00 par value) |
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Depositary Shares (each representing a 1/40th interest in a share of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
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MSBIP
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