Business
Midland States Bancorp Announces Signing of Agreement to Acquire ATG Trust Company
EFFINGHAM, Ill., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) today announced that Midland States Bank, its wholly-owned bank
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"EFFINGHAM, Ill., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) today announced that Midland States Bank, its wholly-owned bank subsidiary, has signed an agreement to purchase substantially all of the trust assets of ATG Trust Company (“ATG Trust”), a trust company based in Chicago with approximately $387 million in assets under management and annual revenue of approximately $3.5 million. The transaction increases the size of Midland’s Wealth Management group to more than $3.8 billion in assets under administration and more than 90 financial professionals. ATG Trust was founded in 1998 as a subsidiary of Attorneys’ Title Guaranty Fund, Inc., principally to handle land trusts and other real estate related services. Since that time, ATG Trust has grown into a more diversified trust business, including administering court-supervised guardianships and special needs trusts. ATG Trust also has an investment management business primarily focused on managing IRAs. Jeffrey G. Ludwig, President and Chief Executive Officer of Midland States Bancorp, said, “Over the past several years, we have effectively utilized acquisitions to grow our assets under administration, better leverage our wealth management platform, and add expertise in specialized areas. We are excited to add ATG Trust, which will further increase the scale and diversification of our wealth management business, while adding new capabilities that will enhance our ability to attract new clients. The addition of ATG Trust will help us to further increase our level of recurring fee income, which is one of our long-term strategies for enhancing the value of the Midland franchise.” Kathryn Van Eeuwen, President and Chief Executive Officer of ATG Trust, commented, “In Midland, we have found an organization whose mission aligns with our own. Throughout our 22-year history, ATG Trust clients have found a sympathetic, familiar, and highly competent trust team to help navigate the trust and estate landscape. Our goal is always to help our clients. We are excited to enhance our ability to support people and continue our story with Midland.” “We are pleased to be able to bring ATG Trust into the Midland Wealth Management group,” commented Eric Chojnicki, President of Midland Wealth Management. “Their focus on providing a high level of personalized service t...