EFFINGHAM – Midland States Bancorp, Inc., parent of Midland States Bank, has bought Grant Park Bancshares Inc., parent company of First National Bank of Grant Park, according to a news release by Midland States.
First National Bank of Grant Park, with assets of $105.2 million as of Dec. 31, 2012, has its principal bank in Grant Park, and operates two branches in Beecher and Bourbonnais.
The three First National banks will operate under the Midland States Bank name.
This acquisition is the sixth in as many years by Midland, the release said.
The addition of the First National branches and Midland’s future planned expansion into the Yorkville market will compliment Midland’s presence in Joliet and Champaign, Regional Market President Dan Stevenson said in the release.
Midland now will have 34 locations in Illinois, one in Missouri and one in Wisconsin. It has branches in Sterling, Rock Falls, Dixon and Oregon.
The agreement is expected to close in the second quarter or early in the third quarter of this year.
Midland States Bancorp Inc. is a community-based bank holding company with headquarters in Effingham.