Updated: February 28, 2018, 3:36 p.m.
UPDATE: EFFINGHAM, Ill. (WIFR) - Midland States Bancorp, Inc. says the acquisition of Alpine Bancorporation, Inc. is complete.
Alpine Bank & Trust Co. is now completely owned by Midland whose total assets are now approximately $5.7 billion.
"We are very pleased to welcome Alpine's customers, employees and shareholders to Midland. The combination of our two companies creates the fourth largest community bank based in Illinois, with more than 70 branches to serve our customers in both Illinois and Missouri. Since our IPO in 2016, we have doubled the size of the Company and built a strong business model centered around core community banking and wealth management that we believe will produce attractive long-term returns for our shareholders," said Chief Executive Officer of Midland Leon Holschbach.
"At the core, we are both community banks investing back in the communities we serve with long histories of helping generations of families with their personal, business and wealth management needs. Our customers will be able to enjoy more services and more convenience, all delivered with the same attention to detail and personal service they have come to expect," said Chairman of the Board of Alpine Robert Funderburg Jr.
The deal now makes Midland the fourth largest bank based in Illinois with more than 70 branches in Illinois and Missouri.
Updated: October 17, 2017, 7:00PM
UPDATE: ROCKFORD, Ill. (WIFR) -- After serving the Rockford region for more than a century, Alpine Bank is now being bought out by Midland States Bancorp for over $180 million. Now, some community members are concerned about this change.
Midland States Bancorp's purchase will now make them the 4th largest community bank in the state. Midland leaders say their focus is similar to Alpine's, however some feel the hometown feeling will be gone for good.
Belvidere based Alpine Bank has 19 locations throughout the region. Community leaders say this is the end of an era as Alpine has served customers around the stateline for 110 years. Belvidere Mayor Mike Chamberlain says he's sad to see such a piece of history go, but he's confident Alpine wouldn't sell to a company that doesn’t operate in a similar style.
"They're good people. Good business. They take everything very good and we always have use Alpine Bank to buy houses to buy cars. We going to miss it,” said Alpine Bank customer Cathy Lopez.
"We’ll just have to sit back and get acquainted to the new bank and hope that they see the impact that Alpine has had on the community and that they will continue in the same way,” said Belvidere Mayor Mike Chamberlain.
Lopez says she's not sure if she will continue to bank with Midland but she hopes they will be as caring and helpful as Alpine has been.
The hometown banking feel may not be gone forever. Belvidere Mayor Mike Chamberlain says it is his understanding that Robert Funderburg Jr. will sit on the board of directors for Midland.
Alpine Bank has also built countless partnerships with a number of businesses around the region. With the loss of the bank, many of those businesses will now lose sponsorships and financial gifts.
One of those partnerships is with the United Way of Rock River Valley. Executive Director Paul Logli says Alpine gives the United Way a corporate gift of nearly $25,000. Logli says Alpine has been incredibly involved within the community. He says he values the relationship with Alpine and hopes the new owners will be willing to partner as well.
"We're going to miss Alpine Bank. I mean no matter who takes over, Alpine Bank had a culture of caring in the community that leadership that was committed to the community and that commitment, that leadership just filtered its way through the organization so we're going to miss that,” said executive director of United Way of Rock River Valley Paul Logli.
Logli says there is some uncertainty when a local ownership sells to a bigger bank but he hopes for the best in the future.
Although the loss of Alpine Bank is troubling for some community members, one local bank is benefiting from the purchase. Illinois Bank & Trust will now be the largest locally owned bank in the stateline.
“I think with that comes a lot of corporate responsibility, which I feel already good about where we've been and more importantly where we're going. Clearly, it's a great opportunity for us to continue to grow and serve our customers and serve the community,” said President and CEO of Illinois Bank & Trust Jess Hultman.
Illinois Bank & Trust has been the second largest locally owned bank until now. The bank says it has been on a continued growth rate for a few years and this will help the bank continue to grow and be successful throughout the region. CEO Jeff Hultman says the bank plays a big role in the community but is now looking forward to being the leader.
Hultman says there is a lot of merging going on right now within the industry, however, he says he wouldn't have guessed Alpine to be the one to go.
Posted: October 16, 2017, 10:40 PM
UPDATE: BELVIDERE, Ill. (WIFR) -- Our local Alpine Banks will soon become part of the Midland States Bank corporation.
Midland States Bancorp, Incorporated and Alpine Bancorporation, Inc are entering a $181 million agreement. That agreement will make Midland the owner of what was, up until now, a regionally-owned bank.
Midland leaders say their focus is similar to Alpine's focus. They think this merge will help companies grow and make more money.
Alpine Bank has been in operation for over 100 years. It has 19 locations in Northern Illinois. Alpine Bank is owned by the Funderburg family. Their headquarters is in Belvidere.
One city leader says she is concerned about what this merge may do to the community.
"They're totally invested. They're around and they know the people. So, a new bank comes in, and we don't know if that's just gonna be business as usual or if they're gonna take a vested interest like the Funderburgs did," says Belvidere 3rd Ward Ald., Wendy Frank.
The sale is expected to be finished within the first 3 months of 2018. It has already been approved by both company's board of directors.
We reached out to Alpine Bank's marketing department, but they would not give a comment.
NASDAQ says this agreement will make Midland the 4th largest community bank based in Illinois.
UPDATE: BELVIDERE, Ill. (WIFR) - Midland States Bancorp Inc. says the definitive agreement to acquire Alpine Bancorporation Inc. is valued at $181 million.
NASDAQ says the transaction will make Midland the 4th largest community bank based in Illinois, with total assets at around $6 billion as well as a nearly $3 billion wealth management business.
Chairman of the Board of Midland, John Schultz says, "I have known the Funderburg family for decades and have greatly admired the strong franchise they have built. I am pleased that Rob Funderburg will be joining the Midland board and look forward to working with him and the other directors to continue creating value for our communities and shareholders.”
Posted October 16, 2017, 6:21 p.m.
BELVIDERE, Ill. (WIFR) - Midland States Bancorp will purchase Alpine Bancorporation, the parent company of Alpine Bank & Trust, for more than $180 million according to NASDAQ.
NASDAQ reports the company will buy 19 Alpine Bank locations. At this time, Alpine Bank is not commenting to 23 News on the sale.
Alpine Bank Board Chairman Robert Funderburg tells NASDAQ, "I am very proud of what we have accomplished at Alpine Bank and the deep customer relationships we have built throughout the communities that we serve. He goes on to say, "We believe that combining with Midland will enable us to further enhance the banking experience."
We will continue to update you as we learn more.