Company Overview

Midland States Bancorp, Inc. is a publicly traded bank holding company that operates primarily through its wholly owned subsidiary, Midland States Bank, providing a broad range of commercial banking, consumer banking, wealth management, and treasury management services. The company operates within the U.S. banking and financial services industry, focusing on relationship-based banking for businesses, professionals, and consumers. Its revenue is primarily derived from net interest income on loans and securities, as well as non-interest income from wealth management, service charges, and treasury-related services.

The company serves small- to mid-sized businesses, municipalities, agricultural clients, and retail customers, positioning itself as a community-focused financial institution with diversified revenue streams. Midland States Bancorp traces its roots to 1881 through the founding of its banking operations, with the holding company structure established later to support expansion through organic growth and acquisitions. Over time, the company has evolved from a single-community bank into a regional financial institution with a multi-state presence.

Business Operations

Midland States Bancorp operates through several core business segments, including Commercial Banking, Consumer Banking, Wealth Management, and Treasury Management. These segments collectively generate revenue through commercial and industrial lending, commercial real estate lending, agricultural loans, residential mortgage lending, consumer deposits, trust and investment management fees, and payment and cash management services. The company’s operations are primarily relationship-driven, emphasizing local decision-making and customized financial solutions.

The company conducts operations exclusively within the United States, with no material international banking activities. Its primary operating subsidiary, Midland States Bank, controls the core banking assets, branch network, and digital banking platforms. Midland States Bancorp has expanded its capabilities through acquisitions of community banks and financial services firms, integrating them into its operating model to enhance scale, product breadth, and geographic reach.

Strategic Position & Investments

Midland States Bancorp’s strategic direction focuses on disciplined balance sheet growth, diversification of revenue through fee-based businesses, and operational efficiency. Growth initiatives include expanding commercial lending relationships, enhancing wealth management services, and leveraging digital banking technologies to improve customer experience and cost efficiency. The company has historically pursued acquisitions of community banks and specialty financial firms as a core component of its growth strategy.

Notable acquisitions have included Alpine Bank & Trust Co., Central Community Bank, and HomeStar Bank and Financial Services, which expanded the company’s footprint and added complementary lending and wealth management capabilities. The company continues to invest in data analytics, cybersecurity, and digital platforms to support regulatory compliance and competitive positioning within the regional banking sector.

Geographic Footprint

Midland States Bancorp is headquartered in Illinois and operates primarily across Illinois, Missouri, Iowa, and Wisconsin. Its market presence is concentrated in the Midwest, where it maintains a network of full-service banking branches, commercial banking offices, and wealth management locations. The company’s geographic strategy emphasizes markets with stable economic conditions, strong small-business activity, and long-term demographic support.

While the company does not maintain international operations, its regional footprint provides exposure to diverse local economies across the Midwest. Lending and deposit activities are primarily localized, supporting the company’s community banking model and relationship-focused approach.

Leadership & Governance

Midland States Bancorp is led by an experienced executive team with deep backgrounds in community and regional banking. The leadership emphasizes prudent risk management, regulatory compliance, and long-term shareholder value through sustainable growth and disciplined capital allocation.

Key executives include:

• Jeffrey G. Ludwig – President and Chief Executive Officer
• Stephen A. Erickson – Chief Financial Officer
• Leon J. Holschbach – Chief Credit Officer
• Kathy A. Jeschke – Chief Risk Officer
• Brad A. Kessel – Chief Wealth Management Officer

The board and executive leadership collectively guide the company’s strategic vision, which centers on relationship-based banking, community engagement, and maintaining strong asset quality across economic cycles.