Midland States Bancorp Inc., announced Monday it has completed its acquisition of Centrue Financial Corporation, the parent company of Centrue Bank. The transaction brings Midland's total assets to about $4.5 billion.
Centrue Bank now is a wholly-owned subsidiary of Midland.
"We are very pleased to welcome Centrue's customers, employees and shareholders to the Midland family," said Leon J. Holschbach, president and CEO of Midland. "Centrue is a great franchise, and we are very familiar with its markets. Centrue customers will also benefit from the additional products, services and lending capacity that Midland offers.
"This acquisition fits squarely into our strategic plan of making accretive acquisitions in good markets. We believe we can realize strong synergies through this transaction while also increasing our ability to grow our customer base in northern and central Illinois."
Centrue has Kankakee-area bank locations at 310 S. Schuyler Ave. in Kankakee; 680 S. Main St. in Bourbonnais; and at 980 N. Kinzie Ave. in Bradley. It also has branches in Herscher, Manteno, Momence, Coal City, Dwight and Diamond among its 22 locations.
Centrue purchased the former Kankakee Federal Savings & Loan in 2003.
Midland States Bank has a branch at 1690 N. Illinois Route 50 in Bourbonnais, adjacent to Northfield Square mall, as well as locations in Grant Park and Beecher.
The transaction increases the Midland branch network to about 50 locations across Illinois and in the St. Louis and Colorado markets. Midland also operates about 40 additional U.S. locations in connection with its residential mortgage, commercial FHA loan origination and commercial equipment leasing businesses.
Midland States Bancorp Inc. is a financial holding company headquartered in Effingham, and is the parent company of Midland States Bank.