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Midland States Bancorp, Inc. says it has received approval from the Federal Reserve to acquire Centrue Financial Corp. and its wholly owned subsidiary, Centrue Bank, based in Ottawa, Ill.

midlandstateslogo“We have been working hard to complete our transaction with Centrue, and are pleased to have received Federal Reserve approval,” said Leon J. Holschbach, president and chief executive officer of Midland. “We believe the transaction provides a tremendous opportunity to expand our presence in our Illinois and St. Louis markets, and to continue superior customer service to Centrue’s customers with our combined group of bankers and wealth management professionals.”

The transaction is expected to close in mid-2017, and remains subject to the approval of the Illinois Department of Financial and Professional Regulation, the approval of Midland’s and Centrue’s shareholders, and the satisfaction of other customary closing conditions.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham and is the sole shareholder of Midland States Bank, which has several locations in Metro East. Midland had assets of approximately $3.2 billion, and its Midland Wealth Management Group had assets under administration of approximately $1.7 billion as of December 31, 2016. Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. Midland has more than 80 locations across the United States.

 - From the Illinois Business Journal