Midland States Bank Acquisition of St. Louis Bank Continues

The previously-announced acquisition of Heartland Bank in St. Louis by Midland States Bank of Effingham is moving ahead with the formal request by the owners of Heartland to the Federal Reserve Board to acquire 10% or more of the shares of Midland States Bancorp.

Midland States Bancorp, based in Effingham, controls Midland States Bank.  Midland announced last year that it was acquiring Heartland Bank, which has 13 locations in St. Louis as well as one in Denver, Colorado.  As part of the transaction, the Love family, which currently owns Heartland, will be acquiring Midland States Bancorp stock.

Midland States Bancorp President and CEO Leon Holschbach said the acquisition is proceeding as planned.  Holschbach said no one should be concerned that a legal notice about the Love family acquiring stock in Midland means a change in control of Midland.  He said the term "control" in the legal notice means that the Loves will have as much say in the bank as their share of stock gives them.  Holschbach said the vast majority of Midland States stock is still in the hands of Effingham families.

Holschbach said the acquisition of Heartland Bank by Midland States Bancorp should close early in the third quarter.  He said the Heartland Bank locations will be changed to Midland States Bank locations, while a credit lending firm in St. Louis will remain Heartland Business Credit, but will be listed as a subsidiary of Midland States Bank.