Midland States Bancorp, Inc. Announces Management Changes
December 06, 2018 at 10:35 am EST
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Midland States Bancorp, Inc. announced that Leon J. Holschbach, Chief Executive Officer of the Company plans to retire as Chief Executive Officer of the Company. On December 4, 2018, Mr. Holschbach formally notified the board of directors of the Company of his resignation as Chief Executive Officer of the Company, effective on December 31, 2018. Following his retirement from the Chief Executive Officer position, Mr. Holschbach will continue to serve as Vice Chairman of the boards of directors of the Company and Midland States Bank, the Company's wholly owned subsidiary (the Bank). In connection with the foregoing, on December 4, 2018, the board of directors of the Company appointed Jeffrey G. Ludwig, who currently serves as President of the Company and Chief Executive Officer of the Bank, as the Company's Chief Executive Officer, consistent with the Company's previously announced management succession plan, which appointment will be effective on January 1, 2019. Mr. Ludwig will also continue to serve in his roles as President of the Company and Chief Executive Officer of the Bank. Mr. Ludwig, previously served as Chief Financial Officer of the Company and the Bank from November 2006, when he joined the Company and the Bank, to November 2016, and from October 2017 until March 2018. Mr. Ludwig also previously served as Executive Vice President of the Company from October 2010 until he was promoted to President of the Company in March 2018, and he served as President of the Bank from November 2016 until he was promoted to Chief Executive Officer of the Bank in March 2018. He serves on the Company's Executive, Capital Management and Mergers and Acquisitions, and Asset/Liability Committees. Prior to joining the Company, Mr. Ludwig held the positions of Associate Director, Corporate Reporting, for Zimmer Holdings, Inc. from 2005 to 2006; Director of Corporate Accounting for Novellus Systems, Inc. from 2002 to 2005; and in various positions, including Senior Manager-Audit & Advisory Services, for KPMG LLP in its banking practice in St. Louis, Missouri, from 1993 to 2000 and in its technology practice in Mountain View, California, from 2000 to 2002.
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.