M&A Deal Summary

Midland States Bank Acquires Alpine Bancorporation

On October 16, 2017, Midland States Bank acquired financial services company Alpine Bancorporation for 181M USD

Acquisition Highlights
  • This is Midland States Bank’s 2nd transaction in the Financial Services sector.
  • This is Midland States Bank’s largest (disclosed) transaction.
  • This is Midland States Bank’s 2nd transaction in the United States.
  • This is Midland States Bank’s 2nd transaction in Illinois.

M&A Deal Summary
Date 2017-10-16
Target Alpine Bancorporation
Sector Financial Services
Buyer(s) Midland States Bank
Deal Type Add-on Acquisition
Deal Value 181M USD
Advisor(s) Sheshunoff & Co. Investment Banking (Financial)
Chapman & Cutler (Legal)

Target

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.

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Buyer(S) 1

Buyer

Midland States Bank

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

Midland States Bancorp. 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. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland's non-bank subsidiaries. Midland has more than 80 locations across the United States. Midland States was founded in 1881 and is based in Effingham, Illinois.

DEAL STATS #
Overall 2 of 3
Sector (Financial Services) 2 of 3
Type (Add-on Acquisition) 2 of 3
State (Illinois) 2 of 2
Country (United States) 2 of 3
Year (2017) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-26 Centrue Financial

Ottawa, Illinois, United States

Centrue Financial Corp. is a bank holding company. The Company operates a subsidiary, Centrue Bank (the Bank). It provides various services, establishes Company-wide policies and procedures, and provides other resources as needed, including capital.

Buy $175M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 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%.

Buy -
Mergr

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Company

Legal