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MIDLAND STATES BANCORP, INC. INCREASES STOCK REPURCHASE PROGRAM TO $50 MILLION
EFFINGHAM, Ill., March 11, 2020 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors has approved an
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"EFFINGHAM, Ill., March 11, 2020 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors has approved an amendment to the Company’s current stock repurchase program that increases the amount of common stock authorized for repurchase from $25 million to $50 million and extends the expiration date of the program to December 31, 2020. As of March 10, 2020, the Company had repurchased 477,230 shares of its common stock at an average price of $25.46 for a total investment of $12.2 million under the stock repurchase program that was initially authorized on August 6, 2019. \n “Given the recent volatility in the markets, we have amended our stock repurchase program to provide increased flexibility to repurchase our common stock at attractive prices,” said Jeffrey G. Ludwig, President and Chief Executive Officer of the Company. “Along with maintaining our attractive dividend, we believe that expanding the authorization for our stock repurchase program is in the best long-term interests of our shareholders.” Stock repurchases under the amended program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws, at the discretion of the Company. The program will be in effect until December 31, 2020, with the timing of purchases and the number of shares repurchased under the program dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The repurchase program may be suspended or discontinued at any time without notice. About Midland States Bancorp, Inc. Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2019, the Company had total assets of approximately $6.08 billion, and its Wealth Management Group had assets under administration of approximately $3.41 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, multi-family and healthcare facility FHA financing is provided through Love Funding, Midlan...