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FDIC terminates loss-share agreements with Midland States Bancorp

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FDIC terminates loss-share agreements with Midland States Bancorp

The FDIC and Effingham, Ill.-based terminated their loss-share agreements.

The company paid $565,000 as consideration to the FDIC inconnection with the early termination.

In connection with the transaction, Midland will record aone-time after-tax charge of approximately $225,000 in the fourth quarter andreclassify $786,000 in covered residential real estate loans as noncoveredassets.

The loss-share agreements regarded two FDIC-assisted bankacquisitions, one each in 2009 and in 2010.

DD&F Consulting Group served as advisers in connectionwith the termination.