EFFINGHAM, Ill., March 28, 2017 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ:MSBI) today announced that it has acquired CedarPoint Investment Advisors, an SEC registered investment advisory (RIA) firm located in Delafield, Wisconsin. Founded in 2009, CedarPoint provides clients with a full range of financial planning and investment services and has approximately $180 million in assets under administration. The transaction increases the size of Midland’s Wealth Management group to approximately $1.9 billion in assets under administration and 50 financial professionals.
Eric Chojnicki, President of Midland Wealth Management, said, “We are very pleased to welcome CedarPoint’s talented team of investment advisors and their clients to Midland. The acquisition of our first RIA expands upon the fiduciary relationship, asset-based fee model that we have built at Midland Wealth Management. CedarPoint has also built a successful firm based on complete fee transparency and unbiased investment advice. The philosophy, values and expertise of Dan Wilson and Bob Dignan, CedarPoint’s principals, are a strong fit with the holistic approach we have at Midland to serve every area of our clients’ financial needs.”
Dan Wilson, CFP®, said, “We are enthusiastic about joining forces with Midland and the opportunities it presents for our clients and the firm. Midland combines the strength of a larger financial institution and a 135 year tradition of customer-centric philosophy. It has a large team of financial professionals and a long history of serving families and business owners. We are particularly impressed by Midland's culture and its approach to business, which we believe mirrors our own.”
Bob Dignan, CFP®, said, “We think CedarPoint’s clients will benefit from the enhanced technology, broader resources and client support Midland offers. By leveraging the strength of Midland’s wealth management platform, the CedarPoint team will have an even greater ability to help our clients meet their financial goals.”
CedarPoint will continue operating from its current location in Delafield, WI. More information on the firm can be found on its website at www.cedarpointinvestments.com.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. Midland had assets of approximately $3.2 billion, and its Midland Wealth Management Group had assets under administration of approximately $1.7 billion as of December 31, 2016. Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland's non-bank subsidiaries. Midland has more than 80 locations across the United States. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.
Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements," including but not limited to statements about Midland’s wealth management operations. These statements are subject to many risks and uncertainties, including changes in general economic, business and political conditions and financial markets; changes in business plans and other risks detailed from time to time in filings made by Midland with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe" or "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
MIDLAND STATES BANCORP, INC.:
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at firstname.lastname@example.org or (217) 342-7321
Midland States Bancorp, Inc.