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Midland States Bancorp, Inc. launches initial public offering

EFFINGHAM – Midland States Bancorp, Inc. said Wednesday it has commenced an initial public offering of 3,865,000 shares of its common stock pursuant to a registration statement filed with the U.S. Securities and Exchange Commission.

Midland is offering 3,077,252 shares and selling shareholders are offering 787,748 shares. It is expected that the underwriters will have a 30-day option to purchase up to an additional 579,750 shares from Midland.

The initial public offering price is expected to be between $25 and $27 per share, and the common stock is expected to trade on the NASDAQ Global Select Market under the symbol “MSBI.”

Midland expects to receive net proceeds of approximately $72.7 million from the offering, after deducting underwriting discounts and estimated offering expenses. Of this amount, Midland intends to contribute $25 million to its bank subsidiary, and to use the remainder for general corporate purposes, which could include future acquisitions and other growth initiatives.

Midland also intends to use approximately $4.8 million to complete the pending acquisition of wealth management assets from Sterling National Bank. Midland will not receive any proceeds from the sale of shares by the selling shareholders.

Sandler O’Neill + Partners, L.P. and Keefe, Bruyette & Woods, Inc. are acting as lead book-running managers and D.A. Davidson & Co. and Stephens, Inc. are acting as co-managers for the offering.
The offering will be made solely by means of a prospectus. Copies of the preliminary prospectus related to the offering can be obtained by writing Sandler O’Neill & Partners, L.P., Attention: Syndicate, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, by emailing or by calling (866) 805-4128; or by writing Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, NY 10019, Attention: Equity Capital Markets or by calling (800) 966-1559.

About Midland States Bancorp Inc.

Midland has more than 80 locations across the United States, including several in southern Illinois. Metro East locations include Waterloo, Freeburg, Smithton and Columbia.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham and is the sole shareholder of Midland States Bank. Midland has assets of approximately $2.9 billion, and its Midland Wealth Management Group has assets under administration of approximately $1.2 billion as of March 31 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 leasing services are provided through Heartland Business Credit, and multi-family and health-care facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries.


 This story is provided by Illinois Business Journal news services. Send items for publication to Editor Dennis Grubaugh,

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