Midland States Bancorp to Sell Fixed Rate Reset Preferred

Midland States Bancorp (MSBI) has announced a new fixed rate reset perpetual preferred. A fixed rate reset pays a fixed coupon for about 5 years and then the coupon is reset to the 5 year treasury plus a fixed spread.

The issue will be qualified and non cumulative.

Midland is a fairly small banker located in Illinois–their most recent earnings release can be read here.

The preliminary prospectus can be read here.

3 thoughts on “Midland States Bancorp to Sell Fixed Rate Reset Preferred”

  1. New Issue: Midland States Bancorp Inc (MSBI)
    Series A Fixed-Rate Reset Non-Cumulative Redeemable
    Perpetual Preferred Shares
    BBB- (Egan Jones)
    $100mm
    Price Talk: 7.75%

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