On May 3, 2023, Midland States Bancorp, Inc. announced that James R. Stewart, Senior Vice President and Chief Risk Officer of the Bank, retired, effective April 28, 2023. In connection with Mr. Stewart's retirement, the Bank appointed Daniel Casey as Chief Risk Officer of the Bank. Mr. Stewart was hired following a national search conducted based on Mr. Stewart's planned retirement.

On April 27, 2023, Mr. Stewart and the Bank entered into a Transition and Separation Agreement and Release and Waiver of Claims. The Agreement sets forth the terms of Mr. Stewart's departure from the Company, following a transition period, and terminates the Amended and Restated Employment Agreement, dated as of November 5, 2020, between Mr. Stewart and the Bank. Under the Agreement, Mr. Stewart will provide consulting services to the Company and will receive a salary during the transitional employment period and a lump sum payment.