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Midland States buying Alpine for $181M

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Midland States buying Alpine for $181M

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...