Midland States Bancorp Completes Acquisition of Alpine Bancorporation

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Published on March 2 2018 3:44 pm
Last Updated on March 2 2018 3:44 pm

Midland States Bancorp, Inc. (NASDAQ: MSBI) (“Midland”) has announced it has completed its acquisition of Alpine Bancorporation, Inc. (“Alpine”), the parent company of Alpine Bank & Trust Co. As a result of the transaction, Alpine Bank & Trust Co. is now a wholly owned subsidiary of Midland, which is based in Effingham.

The transaction brings Midland’s total assets to approximately $5.7 billion and its Wealth Management group to more than $3.1 billion in assets under administration, based on information as of December 31, 2017.

Leon J. Holschbach, Chief Executive Officer of Midland, commented, “We are very pleased to welcome Alpine’s customers, employees and shareholders to Midland. The combination of our two companies creates the fourth largest community bank based in Illinois, with more than 70 branches to serve our customers in both Illinois and Missouri. Since our IPO in 2016, we have doubled the size of the Company and built a strong business model centered around core community banking and wealth management that we believe will produce attractive long-term returns for our shareholders.”

R. Robert Funderburg, Jr., Chairman of the Board of Alpine, added, “At the core, we are both community banks investing back in the communities we serve with long histories of helping generations of families with their personal, business and wealth management needs. Our customers will be able to enjoy more services and more convenience, all delivered with the same attention to detail and personal service they have come to expect.”

Holschbach added, “We are pleased that Rob Funderburg has agreed to join our holding company board, and Bill Roop, Alpine Bank’s President and Chief Executive Officer, will join our bank board and will be continuing in a client relationship and integration liaison role for us. Their continued presence, together with the rest of the ongoing Alpine team, will help ensure continuity in market presence and leadership.”