Midland States Bancorp preps debut offering of preferred stock

Chicago, Aug. 17 – Midland States Bancorp, Inc. is conducting a debut offering of series A fixed-rate reset non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

The initial fixed rate will reset starting in 2027 and at five-year intervals thereafter.

The shares are redeemable at par with any unpaid dividends starting in 2027 and then on any dividend payment date.

Each $25-par depositary share will represent a 1/40th interest in a preferred share.

The shares will be listed on the Nasdaq under the symbol “MSBIP.”

Keefe, Bruyette & Woods Inc., Raymond James & Associates Inc. and Piper Sandler & Co. are working as joint bookrunners.

The co-managers are D.A. Davidson & Co., Janney Montgomery Scott LLC and Stephens Inc.

Barack Ferrazzano Kirschbaum & Nagelberg LLP is working as counsel to the issuer. Squire Patton Boggs (US) LLP will advise on legal matters for the underwriters.

The financial holding company is based in Effingham, Ill.

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