EFFINGHAM, Unwell., Jan. 25, 2022 (World NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ: MSBI) (the “Company” or “Midland”) today announced the signing of a branch order and assumption agreement with FNBC Lender & Have faith in (“FNBC”) whereby Midland will get the deposits and specific financial loans and other belongings connected with FNBC’s branches in Mokena and Yorkville, Illinois. Midland will also obtain the Mokena branch spot. The transaction is expected to near in the course of the next quarter of 2022, topic to regulatory approval and other customary closing ailments. Prior to or upon closing of the transaction, FNBC intends to near the Yorkville department, which is close to just one mile from Midland’s existing Yorkville department. Midland will carry on operating the Mokena location as very well as its present Yorkville site pursuing the completion of the transaction.
Beneath the conditions of the acquire and assumption agreement, Midland will acquire approximately $86 million of deposits and close to $26 million of loans. The deposits currently being acquired have an in general price tag of considerably less than .10%, with far more than 35% getting noninterest-bearing transaction accounts. Promptly following the closing, Midland expects the transaction to be slightly accretive to earnings.
Jeffrey G. Ludwig, President and Main Govt Officer of Midland States Bancorp, reported, “We look ahead to welcoming our new shoppers and delivering the exact degree of individualized support they have come to anticipate from FNBC. This transaction will give additional attractively priced core deposits, although increasing our exposure to more quickly growing marketplaces in Northern Illinois. With our growth into the Mokena marketplace, we will also enhance our positioning to capitalize on new talent and consumer acquisition chances designed by bank merger activity in the larger Chicagoland spot.”
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a group-centered economical keeping organization headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Lender. As of September 30, 2021, the Business experienced whole property of roughly $7.09 billion, and its Prosperity Management Group experienced assets underneath administration of roughly $4.06 billion. Midland gives a full selection of business and customer banking solutions and products and services and organization machines funding, service provider credit card companies, have faith in and investment decision management, insurance and monetary organizing services. For additional facts, take a look at https://www.midlandsb.com/ or https://www.linkedin.com/business/midland-states-bank.
Viewers need to notice that in addition to the historic information contained herein, this press release contains “ahead-hunting statements” inside of the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, such as but not restricted to statements about the Company’s designs, objectives, targets, long term economic issue and long run earnings ranges. These statements are topic to numerous pitfalls and uncertainties, including alterations in curiosity premiums and other general financial, company and political circumstances, which includes the outcomes of the COVID-19 pandemic and its prospective effects on the economic atmosphere, our clients and our operations, as nicely as any alterations to federal, point out and local government legal guidelines, restrictions and orders in connection with the pandemic changes in the monetary marketplaces changes in enterprise plans as instances warrant threats relating to acquisitions and other hazards thorough from time to time in filings produced by the Firm with the Securities and Trade Fee. Readers should really note that the ahead-looking statements bundled in this push launch are not a guarantee of potential activities, and that precise functions may vary materially from these manufactured in or recommended by the ahead-wanting statements. Forward-searching statements commonly can be determined by the use of forward-wanting terminology these types of as “will,” “propose,” “may perhaps,” “system,” “seek out,” “assume,” “intend,” “estimate,” “anticipate,” “imagine,” “keep on,” or very similar terminology. Any forward-searching statements introduced herein are produced only as of the day of this press release, and the Organization does not undertake any obligation to update or revise any forward-looking statements to replicate improvements in assumptions, the incidence of unanticipated gatherings, or normally.
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at [email protected] or (217) 342-7321