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Press Release

Midland States Bancorp, Inc. Launches Initial Public Offering

EFFINGHAM, ILLINOIS – May 11, 2016 – Midland States Bancorp, Inc. announced today that it has commenced an initial public offering of 3,865,000 shares of its common stock pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission.  Midland is offering 3,077,252 shares and selling shareholders are offering 787,748 shares.  It is expected that the underwriters will have a 30-day option to purchase up to an additional 579,750 shares from Midland.  The initial public offering price is expected to be between $25.00 and $27.00 per share, and the common stock is expected to trade on the NASDAQ Global Select Market under the symbol "MSBI."

Midland expects to receive net proceeds of approximately $72.7 million from the offering, after deducting underwriting discounts and estimated offering expenses.  Of this amount, Midland intends to contribute $25.0 million to its bank subsidiary, and to use the remainder for general corporate purposes, which could include future acquisitions and other growth initiatives. Midland also intends to use approximately $4.8 million to complete the pending acquisition of wealth management assets from Sterling National Bank.  Midland will not receive any proceeds from the sale of shares by the selling shareholders.

Sandler O'Neill + Partners, L.P. and Keefe, Bruyette & Woods, Inc. are acting as lead book-running managers and D.A. Davidson & Co. and Stephens, Inc. are acting as co-managers for the offering.

The offering will be made solely by means of a prospectus. Copies of the preliminary prospectus related to the offering can be obtained by writing Sandler O'Neill & Partners, L.P., Attention: Syndicate, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, by emailing syndicate@sandleroneill.com or by calling (866) 805-4128; or by writing Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, NY 10019, Attention: Equity Capital Markets or by calling (800) 966-1559.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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 has assets of approximately $2.9 billion, and its Midland Wealth Management Group has assets under administration of approximately $1.2 billion as of March 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.

Forward-Looking Statements
This press release includes "forward-looking statements," including with respect to the initial public offering. Forward-looking statements are subject to many risks and uncertainties, including, but not limited to: changes in business plans as circumstances warrant; changes in general economic, business and political conditions, including changes in the financial markets; and other risks detailed in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and other sections of the registration statement. Potential investors 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 Midland does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Douglas J. Tucker
Senior Vice President, Corporate Counsel
and Director of Investor Relations
(217) 342-7566

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