Schultz Retires from Midland States Bank Board; Remains Chairman of Midland States Bancorp

Midland States Bancorp, Inc., the parent to Midland States Bank, has announced that Jack Schultz, who has been Chairman of the Company and the Bank since 2006, has retired from the Board of Directors of the Bank. Schultz remains Chairman of the Company.

Jeffrey C. Smith, who has been a director at the Bank and the Company since 2005, was unanimously elected as Chairman of the Bank.

Schultz, who became a director of the Bank in 1990, said “It’s been an honor to serve on the Bank’s board for 27 years and as its Chairman for the last 11. We believe maintaining a good balance of long-standing directors and creating opportunities to bring in newer faces on the Bank board is important for our continued growth. I’m pleased to see Jeff Smith take over as Chairman of the Bank. Jeff was one the architects of our Strategic Plan back in 2007 and has been an integral part of our growth over the past 10 years.”

Leon J. Holschbach, CEO and Vice-Chairman of the Company and the Bank, said “Jack continuing as Chairman of the Company while offering to step down from the Bank board is just another example of our Board’s commitment to driving long-term shareholder value and good corporate governance. As it has been our long-standing practice we will look to fill Jack's Bank Board slot with someone with strong roots in our market.”

Jeff Smith, the newly elected Chairman of the Bank Board, said “I’m honored to have been selected as the next Chairman of Midland States Bank but I am also in awe of its performance with Jack as Chairman. When Jack took the reins in 2006 the Bank had approximately $350 million in assets, a very small trust department with $90 million in assets under management, and the Bank’s net income was $2-3 million per year. Since Jack became Chairman the Bank has grown to $4.5 billion in assets, built a full-service wealth management/trust group with almost $2 billion in AUM, and had net income of $31.5 million in 2016. We continue to see opportunities to grow shareholder value and believe we have the platform in place to continue on our strategic path.”