EFFINGHAM — Midland States Bancorp Inc. this month formally completed its acquisition of Centrue Financial Corp., the parent company of Centrue Bank.
As a result of the transaction, Centrue Bank is now a wholly owned subsidiary of Midland. The transaction brings Midland’s total assets to approximately $4.5 billion.
“We are very pleased to welcome Centrue’s customers, employees and shareholders to the Midland family. Centrue is a great franchise and we are very familiar with its markets. Centrue customers will also benefit from the additional products, services and lending capacity that Midland offers,” Leon J. Holschbach, president and chief executive officer of Midland, commented. “This acquisition fits squarely into our strategic plan of making accretive acquisitions in good markets. We believe we can realize strong synergies through this transaction while also increasing our ability to grow our customer base in northern and central Illinois.”
The transaction will increase the Midland branch network to approximately 50 locations across Illinois, including several in Metro East and in the St. Louis and Colorado markets. Midland also operates approximately 40 additional locations across the United States in connection with its residential mortgage, commercial FHA loan origination and commercial equipment leasing businesses.
— From the Illinois Business Journal