EFFINGHAM, Ailing., Dec. 06, 2022 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ: MSBI) introduced at this time that its Board of Administrators has permitted a brand new inventory repurchase program that authorizes the Firm to repurchase as much as $25 million of its widespread inventory. The brand new inventory repurchase program will turn into efficient on January 1, 2023 and expires on December 31, 2023. The Firm’s present inventory repurchase program expires on December 31, 2022 and has roughly $18.6 million remaining below the authorization.
Jeffrey G. Ludwig, President and Chief Government Officer of the Firm, mentioned, “With the upcoming expiration of our present inventory repurchase program, we decided it was prudent to authorize a brand new program that can proceed to offer us with the pliability to make capital allocation choices that we consider are in the perfect long-term pursuits of shareholders. As market circumstances change, we’ll proceed to guage inventory repurchases regularly as a part of our balanced strategy to capital deployment whereas making certain we keep enough capital to help the continued progress of the Midland franchise.”
Inventory repurchases below the Firm’s approved program could also be made now and again on the open market, in privately negotiated transactions, or in every other method that complies with relevant securities legal guidelines, on the discretion of the Firm. The timing of purchases and the variety of shares repurchased below this system relies upon a wide range of elements together with worth, buying and selling quantity, company and regulatory necessities, and market circumstances. The repurchase program could also be suspended or discontinued at any time with out discover.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based monetary holding firm headquartered in Effingham, Illinois, and is the only real shareholder of Midland States Financial institution. As of September 30, 2022, the Firm had complete belongings of roughly $7.81 billion, and its Wealth Administration Group had belongings below administration of roughly $3.45 billion. Midland gives a full vary of economic and shopper banking services and enterprise gear financing, service provider bank card providers, belief and funding administration, insurance coverage and monetary planning providers. For added data, go to https://www.midlandsb.com/ or https://www.linkedin.com/firm/midland-states-bank.
Readers ought to notice that along with the historic data contained herein, this press launch consists of “forward-looking statements” inside the meanings of the Personal Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, together with however not restricted to statements concerning the Firm’s plans, goals, targets, future monetary situation and future earnings ranges. These statements are topic to many dangers and uncertainties, together with modifications in rates of interest and different basic financial, enterprise and political circumstances, together with the consequences of the COVID-19 pandemic and its potential results on the financial setting, our clients and our operations, in addition to any modifications to federal, state and native authorities legal guidelines, laws and orders in reference to the pandemic; modifications within the monetary markets; modifications in enterprise plans as circumstances warrant; dangers regarding acquisitions; and different dangers detailed now and again in filings made by the Firm with the Securities and Trade Fee. Readers ought to notice that the forward-looking statements included on this press launch are usually not a assure of future occasions, and that precise occasions might differ materially from these made in or advised by the forward-looking statements. Ahead-looking statements typically may be recognized by way of forward-looking terminology akin to “will,” “suggest,” “might,” “plan,” “search,” “anticipate,” “intend,” “estimate,” “anticipate,” “consider,” “proceed,” or comparable terminology. Any forward-looking statements introduced herein are made solely as of the date of this press launch, and the Firm doesn’t undertake any obligation to replace or revise any forward-looking statements to replicate modifications in assumptions, the prevalence of unanticipated occasions, or in any other case.
Douglas J. Tucker, Sr. V.P., Company Counsel, at [email protected] or (217) 342-7566