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Midland States Bancorp Completes Acquisition Of Deposits And Loans Of Two Fnbc Bank & Trust Locations In Northern Illinois

Jun 21, 2022•about 3 years ago

Acquiring Company

Midland States Bancorp

Acquired Company

Loans

Effingham CountyDallasBankingLendingFinanceFinancial ServicesFinance

Description

Midland States Bancorp, Inc. (NASDAQ: MSBI) (the “Company” or “Midland”) today announced the completion of its branch purchase and assumption of deposits and certain loans and other assets associated with FNBC Bank and Trust’s (“FNBC”) branches in Mokena and Yorkville, Illinois. Midland will continue to operate the Mokena branch location, while the Yorkville branch has been closed by FNBC. Customers of FNBC’s Yorkville branch are now able to utilize Midland’s existing branch in the same city.

Company Information

Company

Midland States Bancorp

Location

Effingham County, Illinois, United States

About

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed