Midland States Bank Announces New Chairman
EFFINGHAM, ILLINOIS – August 16, 2017- Midland States Bancorp, Inc. (the "Company"), the parent to Midland States Bank (the "Bank"), today 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. Mr. 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.
Mr. 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."
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 $4.5 billion, and its Midland Wealth Management Group had assets under administration of approximately $1.9 billion as of June 30, 2017. 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 States Bank has also recently added CedarPoint Investment Advisors, a SEC Registered Investment Advisory Firm. Midland has more than 70 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
Contact:
Doug Tucker
Midland States Bancorp, Inc.
Senior Vice President, Corporate Counsel
217-342-7566