Photo courtesy of Creative Commons

Heartland Bank acquisition complete



Photo courtesy of Creative Commons
Photo courtesy of Creative Commons

Midland States Bancorp Inc. has completed its acquisition of Heartland Bank, and the two banks will begin operating under the Midland States name early in 2015. The holding company will have 58 locations, including 37 in Illinois, 15 in Missouri, four in Colorado, and one each in Wisconsin and North Carolina.

The deal originally had been expected to close in July but was held up by regulatory review when the St. Louis Equal Housing and Community Reinvestment Alliance complained that Midland, based in Effingham, Illinois, “received only six home loan applications from African-American borrowers out of a total of 1,530 loan applications in the last four years.”

A deal was reached in September that included two new locations and $16.6 million in loans in minority neighborhoods, which cleared the way for approval.

Read more from the St. Louis Business Journal

 

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