Midland States Bancorp Inc.has announced that Midland States Bank, its wholly-owned bank subsidiary, has completed its acquisition of substantially all of the trust assets of ATG Trust Company. The transaction increases the size of Midland’s wealth management business to approximately $4.1 billion in assets under administration and 90 financial professionals with a new, larger office in Chicago.
Jeffrey G. Ludwig, president and chief executive officer of Midland States Bancorp, said, “We are pleased to complete our acquisition of ATG Trust and welcome our new clients and colleagues to Midland Wealth Management. ATG Trust provides us additional opportunities through their talented team and strong network of referral sources. I believe we are well positioned to continue growing and diversifying our wealth management business and further increasing the level of recurring fee income it generates.”
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, and is the sole shareholder of Midland States Bank, which has locations in the bistate area. As of March 31, 2021, the company had total assets of approximately $6.88 billion, and its Wealth Management Group had assets under administration of approximately $3.56 billion. Midland provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.