trending Market Intelligence /marketintelligence/en/news-insights/trending/naofe05shaqbjwha7vomvg2 content esgSubNav
In This List

Midland States closes Alpine acquisition

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Midland States closes Alpine acquisition

In Illinois, Midland States Bancorp Inc. has closed the acquisition of Alpine Bancorp. Inc.

Alpine Bank & Trust Co. of Rockford is now a subsidiary of Effingham-based Midland States Bancorp, the parent of Midland States Bank. Alpine Bank & Trust had $1.24 billion in assets at the end of 2017; Midland States Bank had $4.40 billion.

The combined company has approximately $5.7 billion in assets, based on Dec. 31, 2017, financials. Midland's wealth management unit now has more than $3.1 billion in assets under administration, according to the press release.

Alpine Chairman R. Robert Funderburg Jr. joins the acquiring company's board. Alpine Bank & Trust CEO William Roop joins the bank's board and will hold a client relationship and integration liaison role.

Laurence Schiffer on Feb. 28 resigned from Midland's board. The issuance of shares in the merger resulted in a decrease in the stake held by certain family members of Andrew Love Jr. That resulted in the termination of the investor group's right to designate a member of the board.