The $7.1 billion-asset
company said in press release Wednesday that it will buy $86 million of
deposits and $26 million of loans tied to branches in Mokena and Yorkville,
Ill. Midland States will also buy the Mokena branch.
The transaction is
expected to close in the second quarter.
“This transaction will
provide additional attractively priced core deposits, while increasing our
exposure to faster growing markets in northern Illinois,” Jeffrey Ludwig, Midland
States’ president and CEO, said in the release.
“With our expansion into the Mokena market, we will also improve our positioning to capitalize on new talent and client acquisition opportunities created by bank merger activity in the greater Chicagoland area,” Ludwig added.
No comments:
Post a Comment