Midland States Bank Acquires Centrue Bank

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Published on May 8 2017 2:40 pm
Last Updated on May 8 2017 2:41 pm
Written by Greg Sapp

Effingham-based Midland States Bank continues to expand its corporate footprint with the acquisition of Centrue Bank.

The acquisition has obtained regulatory approval and the transaction is to close June 9.

(LEON HOLSCHBACH)

Midland States CEO Leon Holschbach Monday said the acquisition will add 15 offices to the bank portfolio across northern Illinois. This will mean 52 Midland States bank branches and another 30 offices. Holschbach said Midland States will now be the sixth largest bank based in Illinois, and among the top 250 financial institutions in the nation.

Holschbach said one benefit to the acquisition is that another 60 employees will be needed by Midland States, with close to 50 of those needed in Effingham. A job fair will take place later this week to begin the hiring process.

The growth of Midland States Bank is impressive. Since 2008, the bank has grown from a $380 million institution to worth over $3 billion with the Centrue Bank acquisition. Also, this is the 16th year in a row for dividend growth of 10% or better. Dividends totaled $2 million in 2008 with $1 million paid. This past year, $32 million in dividends was generated with $10 million paid.

10 years ago, there were 87 Midland States employees; now, the Centrue Bank acquisition will bring the number of employees to more than 800.