Midland States Bancorp, Inc. Completes Acquisition of Centrue Financial Corporation
Update: The deal announced in February 2017 has been completed. Click on the article below to read more about this transaction.
- Globe Newswire (June 12, 2017)
February 1, 2017 - Globe Newswire
Midland States Bancorp, Inc. to Acquire Centrue Financial Corporation
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for Midland States Bancorp, Inc. ("Midland"), sole shareholder of Midland States Bank, in the negotiation and signing of a definitive agreement under which Midland will acquire Centrue Financial Corporation ("Centrue") for estimated total consideration of $175.1 million. Midland is headquartered in Effingham, Illinois, and has more than 80 locations across the U.S. Based in Ottawa, Illinois, Centrue has 20 bank branches located principally in northern Illinois. Centrue's market area extends from the far western and southern suburbs of the Chicago metropolitan area across Central Illinois and metropolitan St. Louis. Centrue had total assets of $978 million, net loans of $677 million and total deposits of $740 million as of December 31, 2016.
Barack Ferrazzano's legal team was led by Dennis R. Wendte, along with Bill Fay and Emily N. Henkel. Executive Compensation and Benefits were handled by Andrew K. Strimaitis.
Barack Ferrazzano Financial Institutions Group
Our M&A experience is unparalleled—over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions—according to S&P Global Market Intelligence. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2017 report.
Follow us on LinkedIn and @BFKNLaw.
To read more about this transaction click here.