Midland States Bancorp Announces Consumer Lending Partnership with LendingPoint
EFFINGHAM, Ill., May 02, 2022 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. MSBI (the “Company” or “Midland”) today announced the formation of a partnership with LendingPoint, an AI-powered CreditTech platform that provides consumer financing solutions. Through this partnership, Midland will fund consumer loans issued according to its underwriting criteria through LendingPoint’s nationwide network of point-of-sale retail relationships. Midland expects outstanding balances from this partnership to reach $200-250 million over the next two years.
Jeffrey G. Ludwig, President and CEO of Midland States Bancorp, said, “As one of the first community banks to engage in fintech partnerships, we have benefited from the diversification and growth provided by these programs. This is especially true because we only enter into partnerships where we can tailor credit metrics to generate only high quality assets at attractive risk-adjusted returns. We are delighted to announce our new relationship with LendingPoint, which will diversify our fintech partnerships and provide us with another source of prime consumer loans to complement the strong growth we continue to see in our commercial and commercial real estate loan portfolios. »
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2022, the Company had total assets of approximately $7.34 billion, and its wealth management group had assets under administration of approximately $4.04 billion. Midland offers a full range of business and personal banking products and services, as well as commercial equipment financing, merchant credit card services, trust and investment management, insurance and financial planning. For more information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
Readers should note that in addition to historical information contained in this press release, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements of plans, objectives, goals, future financial situation and future earnings levels of the Company. These statements are subject to numerous risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID-19 pandemic and its potential effects on the economic environment, our customers and our operations, as well as any changes in federal, state and local laws, regulations and ordinances in connection with the pandemic; changes in financial markets; changes in business plans when circumstances warrant; risks related to acquisitions; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not guarantees of future events and that actual events may differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “will”, “propose”, “may”, “plan”, “seek”, “expect”, “intend”. ”, “estimate”, “anticipate”, “believe”, “continue” or similar terminology. All forward-looking statements set forth herein are made only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unforeseen events or otherwise. .
Douglas J. Tucker, Sr. VP, Corporate Counsel, at [email protected] or (217) 342-7321