Midland States Bancorp, Inc.’s $181 Million acquisition of Alpine Bancorporation, Inc.


The Barack Ferrazzano Financial Institutions Group is serving as legal counsel to Midland States Bancorp, Inc. (NASDAQ: MSBI) in connection with its pending acquisition of Alpine Bancorporation, Inc. When the transaction is completed, Midland will be the fourth largest community bank based in Illinois, with total assets of approximately $6.0 billion, and a wealth management business with nearly $3.0 billion in assets under management.

Alpine, the parent company of Alpine Bank & Trust Co., is headquartered in Belvidere, Illinois, and had total assets of $1.3 billion as of June 30, 2017. Serving its communities for nearly 110 years, Alpine is a regional, full-service community bank offering commercial, retail, mortgage banking and wealth management services. Alpine has 19 locations in northern Illinois.

Under the terms of the definitive agreement, Midland will issue 4.5 million shares of Midland common stock and pay $33.3 million in cash to Alpine’s shareholders for total consideration of approximately $181 million. The transaction is expected to close during the first quarter of 2018, subject to regulatory approvals, approval from both Alpine’s and Midland’s shareholders and other customary closing conditions.

Barack Ferrazzano’s team was led by Dennis R. Wendte (Picture), Bill Fay and Abdul R. Mitha. Executive compensation and benefits were handled by Andrew Strimaitis and K. C. Klagos.

Involved fees earner: Dennis Wendte – Barack Ferrazzano; Bill Fay – Barack Ferrazzano; Abdul Mitha – Barack Ferrazzano; Andrew Strimaitis – Barack Ferrazzano; K.C. Klagos – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: Midland States Bancorp, Inc.;

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Author: Ambrogio Visconti