Midland States Bancorp, Inc. Redeems Fixed-To-Floating Rate Subordinated Notes Due June 18, 2025
May 10, 2021 at 04:02 pm
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Midland States Bancorp, Inc. notified holders that the Company will redeem on June 18, 2021 all of the Company's outstanding Fixed-to-Floating Rate Subordinated Notes due June 18, 2025, having an aggregate principal amount of $31,075,000 in accordance with the terms of the Subordinated Notes. The aggregate redemption price will be 100% of the aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date. The interest rate on the Subordinated Notes is currently 4.54%, equating to approximately $1.4 million of interest payable, annually.
Midland States Bancorp, Inc. is a diversified financial holding company. Its segments include Banking, Wealth Management, and Other. The Banking segment provides a range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment financing; 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. The Wealth Management segment operates under the name Midland Wealth Management, which consists of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration and retail brokerage services through a nationally recognized third-party broker dealer.
MIDLAND STATES BANCORP, INC. 
