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.
