Midland States Bancorp Inc., which has operations throughout Metro East, has announced the receipt of regulatory approval from The Federal Reserve Bank of St. Louis for the acquisition of Alpine Bancorporation.
The consummation of Midland’s acquisition remains subject to the approval of each party’s shareholders, approval by the Illinois Department of Financial and Professional Regulation, and satisfaction of other customary closing conditions. Midland and Alpine expect the acquisition will close by the end of February 2018.
Leon J. Holschbach, president and chief executive officer of Midland, commented, “We are very pleased to move up the anticipated closing date for this transaction, which should accelerate the realization of the positive benefits that we anticipate from our combination with Alpine.”
R. Robert Funderburg Jr., chairman of the board of Alpine, added, “We are pleased to have this clarity on the timing of the closing, which will help lead to a smooth transition for our customers and employees. Working together with Midland, we will ensure that our customers continue receiving the same outstanding service they have come to expect, while also benefiting from a broader selection of financial products and services.”
Midland States Bancorp Inc. is a community-based financial holding company headquartered in Effingham and is the sole shareholder of Midland States Bank.
Alpine Bancorporation Inc. operates as a financial holding company for Alpine Bank & Trust Co. that provides a range of banking services to commercial and retail customers in North Central Illinois and Southern Wisconsin.
Etten joins Midland from Scottrade
Midland States Bancorp announced this week that Fred Van Etten has joined Midland as president of the company’s equipment finance business. Van Etten joins Midland from Scottrade Financial Services Inc., where he served as president of Scottrade Bank Equipment Finance.
Midland also announced that Heartland Business Credit, its equipment leasing subsidiary, will be rebranded as Midland Equipment Finance and operated as a division of Midland States Bank.
Leon J. Holschbach, chief executive officer of the company, said, “Since acquiring Heartland Business Credit as part of the Heartland Bank acquisition at the end of 2014, we have grown our leasing portfolio from approximately $115 million to more than $200 million today. Now we are ready to further expand our equipment financing business as we continue to manage the overall growth of our balance sheet. This expansion reflects our emphasis on the lending areas that generate the most attractive risk-adjusted returns.”
Midland also expects to further its equipment finance team through the addition of a group of equipment finance professionals that worked with Van Etten at Scottrade. Midland Equipment Finance will be headquartered in Clayton, Mo.
Holschbach also said, “We are very pleased to welcome Fred and his group to Midland. Following the sale of Scottrade to TD Ameritrade, Fred and his team became available. Fred has a long track record of running highly productive equipment financing businesses. Not only will the size of our equipment financing team expand, but we will also expand our offerings to include loans, leases and hybrid products to better serve the needs of this market. And bringing our equipment financing operations more squarely into our banking footprint will allow our bankers to offer additional financing and leasing options to our business customers.”
Van Etten has more than 30 years of financial services industry experience. In 2012, Van Etten helped found Scottrade Bank Equipment Finance and served as president of that business until the sale of Scottrade to TD Ameritrade in September 2017. Prior to joining Scottrade, he held a number of other leadership positions in the equipment financing industry. He has received his M.B.A. from Pepperdine University, The George L. Graziadio School of Business and Management, and his bachelor’s degree in business administration from Arizona State University at the W.P. Carey School of Business.