Midland States Bancorp Inc. announced that Leon J. Holschbach will retire from his position as chief executive officer of the banking company on Dec. 31.
Consistent with the management succession plan established by the board of directors, upon Holschbach’s retirement, Jeffrey G. Ludwig will assume the role of chief executive officer of Midland States Bancorp in addition to his current positions as president of the company and chief executive officer of Midland States Bank.
Following his retirement from the CEO position, Holschbach will continue to serve as vice chairman of the board of directors of the company and Midland States Bank.
“We are extremely grateful for the leadership that Leon has provided for more than a decade,” said John M. Schultz, chairman of the board of the company. “During his time as CEO, Midland has grown to become one of the largest community banks in Illinois and the Company created tremendous value for its shareholders in the process. The past 10 years have truly been transformational for Midland, including the successful completion of 13 acquisitions and the company’s IPO in May 2016.
“Jeff Ludwig, who together with Leon was one of the chief architects of our strategic plan, has been deeply involved in all areas of our operations and has been instrumental in driving our organic and acquisitive growth. Jeff is a proven leader who is well suited to continue building our franchise in the years ahead,” added Schultz.
“It has been my privilege to serve as CEO of Midland,” said Holschbach (shown). “I’m very proud of the significant value we have delivered to our shareholders over the past 10 years. Jeff Ludwig is well prepared to lead the organization and continue implementing the strategic plan we have developed. We have also built a very deep pool of talent to carry Midland into the future, which includes Jeff Mefford, the president of our bank, who will continue to work side-by-side with Jeff Ludwig as he has done for more than 10 years now.”
“I am excited to lead the continued growth of Midland,” said Ludwig. “We have executed well on our strategy to expand the bank’s core community bank and wealth management operations. Through the continued implementation of our fundamental operating principles, we believe we can continue to grow and provide attractive returns for our shareholders.”
About Midland States Bancorp Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Ill., and is the sole shareholder of Midland States Bank, which has numerous locations in Metro East and St. Louis. As of June 30, 2018, the company had total assets of approximately $5.7 billion and its Wealth Management Group had assets under administration of approximately $3.2 billion.