Effingham, Illinois based Midland States Bancorp, Inc. ("Midland"; NASDAQ: MSBI) has announced the closing of its initial public offering of 3,638,755 shares of its common stock, including 3,044,252 shares sold by Midland and 594,503 shares sold by selling shareholders, at a public offering price of $22.00 per share.
The common stock began trading on the NASDAQ Global Select Market under the symbol "MSBI" on May 24, 2016. Midland plans to contribute $25 million to its bank subsidiary, Midland States Bank, and use the remainder for general corporate purposes, including future acquisitions and strategic growth initiatives. In addition, Midland also plans to use approximately $4.8 million to complete the pending acquisition of wealth management assets from Sterling National Bank.
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for Midland in the public offering, led by Dennis R. Wendte, along with Bill Fay and Emily N. Henkel.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. 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 SNL Financial. 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 2016 report.