Update: The deal announced in October 2017 has been completed. Click on the article below to read more about this transaction.
- Globe Newswire (February 28, 2018)
October 18, 2017 - Globe Newswire
Midland States Bancorp to Acquire Alpine Bancorporation
The Barack Ferrazzano Financial Institutions Group is serving as legal counsel to Midland States Bancorp, Inc. (NASDAQ: MSBI) in connection with its pending acquisition of Alpine Bancorporation, Inc. When the transaction is completed, Midland will be the fourth largest community bank based in Illinois, with total assets of approximately $6.0 billion, and a wealth management business with nearly $3.0 billion in assets under management.
Alpine, the parent company of Alpine Bank & Trust Co., is headquartered in Belvidere, Illinois, and had total assets of $1.3 billion as of June 30, 2017. Serving its communities for nearly 110 years, Alpine is a regional, full-service community bank offering commercial, retail, mortgage banking and wealth management services. Alpine has 19 locations in northern Illinois.
Under the terms of the definitive agreement, Midland will issue 4.5 million shares of Midland common stock and pay $33.3 million in cash to Alpine’s shareholders for total consideration of approximately $181 million. The transaction is expected to close during the first quarter of 2018, subject to regulatory approvals, approval from both Alpine’s and Midland’s shareholders and other customary closing conditions.
Barack Ferrazzano’s team was led by Dennis R. Wendte, Bill Fay and Abdul R. Mitha. Executive compensation and benefits were handled by Andrew K. Strimaitis and K. C. Klagos.
Click here to read more about this transaction.
Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2017, the Company had total assets of $4.5 billion and its Wealth Management Group had assets under administration of approximately $1.9 billion. Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services.
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 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.