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Midland States Bancorp prices initial public offering

EFFINGHAM — Midland States Bancorp, Inc., which operates banks in Metro East, this week priced its initial public offering of 3,638,755 shares of its common stock, at a public offering price of $22.00 per share.

The common stock includes 3,044,252 shares sold by Midland and 594,503 shares sold by selling shareholders,

Underwriters have a 30-day option to purchase up to an additional 545,813 shares from Midland at the public offering price less the underwriting discount. The shares began trading on Tuesday on the NASDAQ Global Select Market under the symbol “MSBI.”

It closed Wednesday at $22.01.

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, 2016. Midland has more than 80 locations across the United States.

Southwestern Illinois locations include Freeburg, Columbia, Waterloo, Smithton and others.

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