Midland States Bancorp, Inc. completed the acquisition of Love Savings Holding Company.
December 31, 2014 at 12:00 am EST
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Midland States Bancorp, Inc. (NasdaqGS:MSBI) signed an agreement to acquire Love Savings Holding Company on September 12, 2013. As part of agreement, Love Savings Holding Company's subsidiary Heartland Bank will be merged into Midland States Bank and Midland will operate the acquired branches under its brand name. Also, Andy Love and Larry Schiffer, Co- Chief Executive Officers of Love Savings Holding Company with join the Board of Directors of Midland Bank. As a part of transaction, Midland will also operate Heartland Business Credit and Love Funding Corporation under its name. While the Heartland banks will be rebranded as Midland banks, the credit division will continue to function under its original name. Also, Mark Dellonte, President of Love Funding Corporation and Larry White, President of Heartland Business Credit will continue running the businesses post-closing. Dave Minton will continue running 11 new locations in the St. Louis after the closing. The transaction is subject to customary conditions and regulatory approvals and is expected to close in the first quarter of year 2014. Federal Reserve Board approved the transaction on December 11, 2014.
Bill Boyan and Steve Glassgold of Sandler O'Neill + Partners LP acted as financial advisors and Alan Sachs of Alan A. Sachs LLC and Mark Hillis of Carmody MacDonald PC acted as legal advisors to Heartland. Stifel Financial Corp. acted as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as legal advisor to Midland States.
Midland States Bancorp, Inc. (NasdaqGS:MSBI) completed the acquisition of Love Savings Holding Company on December 31, 2014. Heartland Bank will be merged into Midland States Bank in the first quarter of 2015.
Midland States Bancorp, Inc. is a diversified financial holding company. Its segments include Banking, Wealth Management, and Other. The Banking segment provides a range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment financing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services. The Wealth Management segment operates under the name Midland Wealth Management, which consists of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration and retail brokerage services through a nationally recognized third-party broker dealer.
MIDLAND STATES BANCORP, INC. 
