EFFINGHAM — Midland States Bancorp, Inc. recently announced that Midland States Bank, its wholly-owned bank subsidiary, has signed an agreement to purchase substantially all of the trust assets of ATG Trust Company.
ATG is a trust company based in Chicago with approximately $387 million in assets under management and annual revenue of approximately $3.5 million. The transaction increases the size of Midland’s Wealth Management group to more than $3.8 billion in assets under administration and more than 90 financial professionals.
ATG Trust was founded in 1998 as a subsidiary of Attorneys’ Title Guaranty Fund Inc., principally to handle land trusts and other real estate related services.
Since that time, ATG Trust has grown into a more diversified trust business, including administering court-supervised guardianships and special needs trusts. ATG Trust also has an investment management business primarily focused on managing IRAs.
“Over the past several years, we have effectively utilized acquisitions to grow our assets under administration, better leverage our wealth management platform, and add expertise in specialized areas,” Jeffrey G. Ludwig, president and CEO of Midland States Bancorp, said. “We are excited to add ATG Trust, which will further increase the scale and diversification of our wealth management business, while adding new capabilities that will enhance our ability to attract new clients.”
Kathryn Van Eeuwen, president and CEO of ATG Trust, commented, “In Midland, we have found an organization whose mission aligns with our own. Throughout our 22-year history, ATG Trust clients have found a sympathetic, familiar, and highly competent trust team to help navigate the trust and estate landscape. Our goal is always to help our clients. We are excited to enhance our ability to support people and continue our story with Midland.”
Eric Chojnicki, president of Midland Wealth Management, said it’s pleased to bring ATG into company.
“Their focus on providing a high level of personalized service to their trust and investment clients is exactly aligned with our community banking approach, and their trust professionals have deep experience in trust and estate administration, including special needs trusts,” he saie.
The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close during the second quarter of 2021 and will result in minimal tangible book value dilution.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, and is the sole shareholder of Midland States Bank. For more information, visit midlandsb.com.