In Illinois, Effingham-based Midland States Bancorp Inc. will acquire Belvidere-based Alpine Bancorp. Inc. for approximately 4.5 million Midland shares and $33.3 million in cash.
Based on Midland's closing price of $33.10 on Oct. 13, the deal has an implied value of approximately $181.0 million.
After completion, the combined company will have total assets of approximately $6.0 billion and a wealth management business with almost $3.0 billion in assets under administration.
Details to follow...