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M&A Deal Summary

Midland Acquires HomeStar Financial Group

On April 2, 2019, Midland acquired financial services company HomeStar Financial Group

Acquisition Highlights
  • This is Midland’s 3rd transaction in the Financial Services sector.
  • This is Midland’s 3rd transaction in the United States.
  • This is Midland’s 1st transaction in Georgia.

M&A Deal Summary
Date 2019-04-02
Target HomeStar Financial Group
Sector Financial Services
Buyer(s) Midland
Deal Type Add-on Acquisition
Advisor(s) Monroe Financial Partners (Financial)
Gerrish Smith Tuck (Legal)

Target

HomeStar Financial Group

Gainesville, Georgia, United States
HomeStar Financial Group, Inc. is a full-service community bank headquartered in Manteno, Illinois, with approximately $375 million of assets, $223 million in loans and $333 million in deposits as of December 31, 2018. Serving its communities for over 70 years, HomeStar Bank has 5 locations in northern Illinois and has the #1 deposit market share in the Kankakee, IL metropolitan statistical area (MSA). For the quarter ended December 31, 2018, HomeStar had a cost of deposits of 0.20%, an average loan yield of 5.13%, and a net interest margin of 3.88%.

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Buyer(S) 1

Buyer

Midland

Effingham, Illinois, United States
Category Company
Founded 1881
Sector Financial Services
Employees878
Revenue 298M USD (2023)
DESCRIPTION

Midland is a provider of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. Midland was founded in 1881 and is based in Effingham, Illinois.

DEAL STATS #
Overall 3 of 3
Sector: Financial Services M&A 3 of 3
Type: Add-on Acquisition M&A Deals 3 of 3
State: Georgia M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 Alpine Bancorporation

Belvidere, Illinois, United States

Alpine Bancorporation, Inc. is a regional full-service community bank offering commercial, retail, mortgage banking and wealth management services. Alpine has 19 locations in northern Illinois and has the leading deposit market share ranking in the Rockford, IL MSA.

Buy $181M
Mergr

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