March 13 - Midland States Bancorp, Inc., parent of Midland States Bank, headquartered in Effingham, Ill., has agreed to acquire Grant Park Bancshares Inc., parent company of First National Bank of Grant Park.
First National Bank of Grant Park, with assets of $105.2 million as of Dec. 31, 2012, has its principal bank in Grant Park, Ill., and operates two additional branches located in Beecher and Bourbonnais, Ill.
Leon Holschbach, president and CEO of Midland States Bancorp Inc., said, “We are excited that First National Bank has agreed to join and grow with Midland. We see this as an exciting opportunity for our combined shareholders, customers and employees. This acquisition, our sixth bank acquisition in as many years, continues our plan of serving as a platform for growth for community banks in the Midwest.”
Dan Stevenson, regional market president of Midland States Bank, said, “We welcome First National Bank customers to Midland and look forward to serving them with our community based banking approach and our expanded branch office footprint in our region. The addition of the First National branches and our future planned expansion into the Yorkville market, will compliment our presence in Joliet and Champaign.”
J. Thomas Long, president and CEO of Grant Park Bancshares, commented, “This transaction allows for First National Bank of Grant Park to join a dynamic organization with a rich history. The transaction provides good value for our shareholders, as well as the opportunity to continue to participate in the future growth of Midland.”
The agreement provides for Midland to acquire Grant Park Bancshares and then to merge First National Bank of Grant Park into Midland States Bank and operate the acquired branches under the Midland States name. The addition of these three offices will increase Midland’s presence in Northern Illinois to 19 offices and a total of 34 locations in Illinois, one in Missouri and one in Wisconsin.
The agreement is subject to customary closing conditions and regulatory approval and is expected to close in the second quarter or early in the third quarter of 2013.
About Midland States Bancorp Inc.
Midland States Bancorp Inc. is a community-based bank holding company headquartered in Effingham, Ill., and is the sole shareholder of its subsidiary, Midland States Bank. Midland States Bank has current assets of approximately $1.6 billion and a Wealth Management division with assets under administration of approximately $1 billion. Established in 1881, Midland States Bank remains a locally owned and operated community bank, providing a full range of commercial and consumer banking products, trust and investment management, insurance and financial planning services. As a community banking institution, Midland States Bank prides itself on establishing and maintaining relationships with its customers and is committed to serving the financial needs of the
communities it serves. For additional information, visit www.midlandsb.com.