Midland States Bancorp,Inc. (NASDAQ:MSBI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Midland States Bancorp,Inc. (NASDAQ:MSBI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Midland States Bancorp,Inc. (NASDAQ:MSBI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously announced in a Form 8-K filed with the Securities and Exchange Commission on October 19, 2018, Leon J. Holschbach, Chief Executive Officer of Midland States Bancorp,Inc. (the “Company”), plans to retire as Chief Executive Officer of the Company. On December 4, 2018, Mr. Holschbach formally notified the board of directors of the Company of his resignation as Chief Executive Officer of the Company, effective on December31, 2018. Following his retirement from the Chief Executive Officer position, Mr.Holschbach will continue to serve as Vice Chairman of the boards of directors of the Company and Midland States Bank, the Company’s wholly owned subsidiary (the “Bank”).

In connection with the foregoing, on December4, 2018, the board of directors of the Company appointed Jeffrey G. Ludwig, who currently serves as President of the Company and Chief Executive Officer of the Bank, as the Company’s Chief Executive Officer, consistent with the Company’s previously announced management succession plan, which appointment will be effective on January1, 2019. Mr.Ludwig will also continue to serve in his roles as President of the Company and Chief Executive Officer of the Bank.

In addition to the positions described above, Mr.Ludwig, age 47, CPA (inactive status), previously served as Chief Financial Officer of the Company and the Bank from November2006, when he joined the Company and the Bank, to November2016, and from October2017 until March2018. Mr.Ludwig also previously served as Executive Vice President of the Company from October2010 until he was promoted to President of the Company in March2018, and he served as President of the Bank from November2016 until he was promoted to Chief Executive Officer of the Bank in March2018. He serves on the Company’s Executive, Capital Management and Mergers and Acquisitions, and Asset/Liability Committees. Prior to joining the Company, Mr.Ludwig held the positions of Associate Director, Corporate Reporting, for Zimmer Holdings,Inc., an NYSE-listed company in Warsaw,Indiana, from 2005 to 2006; Director of Corporate Accounting for Novellus Systems,Inc., a Nasdaq-listed company in San Jose, California, from 2002 to 2005; and in various positions, including Senior Manager-Audit& Advisory Services, for KPMG LLP in its banking practice in St. Louis, Missouri, from 1993 to 2000 and in its technology practice in Mountain View, California, from 2000 to 2002. Mr.Ludwig received his B.S. in Accounting from Eastern Illinois University.

There is no arrangement or understanding with any other person to which Mr.Ludwig was promoted as Chief Executive Officer of the Company, and there are no family relationships between Mr.Ludwig and any director or executive officer of the Company. Additionally, the Company has not entered into any transactions with Mr.Ludwig that are reportable under Item 404(a)of Regulation S-K.


About Midland States Bancorp,Inc. (NASDAQ:MSBI)

Midland States Bancorp, Inc. is a diversified financial holding company. The Company’s banking subsidiary is Midland States Bank (the Bank). The Company’s principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. The Company’s segments include Banking, which provides a range of financial products and services to consumers and businesses, including loan products; commercial equipment leasing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services, and corporate treasury management services; Commercial Federal Housing Administration (FHA) Origination and Servicing, which provides for the origination and servicing of government sponsored mortgages for multifamily and healthcare facilities, and Other, which includes the operating results of the Company and its wealth management business unit.