Midland States Bancorp, Inc. Completes the Acquisition of HomeStar Financial Group
July 17 2019 - 3:05PM
Midland States Bancorp, Inc. (NASDAQ: MSBI) (the “Company” or
“Midland”) today announced that it has completed its acquisition of
HomeStar Financial Group, Inc. (“HomeStar”), the parent company of
HomeStar Bank and Financial Services (“HomeStar Bank”). As of
March 31, 2019, HomeStar Bank had approximately $381.4 million in
assets, $216.6 million in loans and $339.3 million in deposits.
Jeff Ludwig, President and Chief Executive
Officer of Midland, commented, “We are excited to welcome
HomeStar’s customers, employees and shareholders to Midland.
We look forward to offering HomeStar customers a broader selection
of financial products and services, while maintaining the same
exceptional service level that they have come to expect. With
the financial strength that Midland provides, we believe we can
expand upon the leading position that we now have in the Kankakee,
IL market, capitalize on the synergies of this combination, and
create strong value for our new and existing shareholders.”
Bill Smith, Chief Executive Officer of HomeStar,
said, “We have worked closely with the Midland team over the past
few months to ensure a smooth transition for our customers and
employees. We are confident that the strength of the combined
organization will provide a superior banking experience for our
customers in the years ahead.”
Consideration paid by Midland in the transaction
was 405,000 shares of Midland common stock and approximately $1.0
million of cash. HomeStar redeemed all of its outstanding
Trust Preferred Securities prior to the closing.
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 March 31, 2019, the Company had total assets of
approximately $5.64 billion and its Wealth Management Group had
assets under administration of approximately $3.10 billion. Midland
provides a full range of commercial and consumer banking products
and services, business equipment financing, merchant credit card
services, trust, investment management and financial planning
services. In addition, multi-family and healthcare facility FHA
financing is provided through Love Funding, Midland’s non-bank
subsidiary. For additional information, please 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 transaction. These statements are subject to many risks
and uncertainties, including (i) the possibility that any of the
anticipated benefits of the transaction will not be realized within
the expected time period or at all; (ii) the risk that integration
of HomeStar’s operations will be materially delayed or will be more
costly or difficult than expected; (iii) the effect of the
announcement of the transaction on customer relationships and
operating results; (iv) the possibility that the transaction may be
more expensive to complete than anticipated, including as a result
of unexpected factors or events; and (v) other risks detailed from
time to time in filings made by Midland 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.
CONTACT:Douglas J. Tucker, Sr.
V.P., Corporate Counsel, at dtucker@midlandsb.com or (217)
342-7321.
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