Benzinga | Sep 7, 2021 05:15PM EDT

Midland States Bancorp Announces $25M Expansion Of Stock Buyback Program

Midland States Bancorp, Inc. (NASDAQ:MSBI) announced today that its Board of Directors has approved modifications to the Company's previously announced stock repurchase program, which increase the aggregate repurchase authority to $75 million from $50 million, and extend the expiration date of the program to December 31, 2022. As of August 31, 2021, after giving effect to the modifications, there was approximately $26.3 million remaining under the stock repurchase program authorization.



Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, "The expansion and extension of the stock repurchase program will provide us with the flexibility to continue employing a balanced approach to capital deployment that includes maintaining sufficient capital to support the organic and acquisitive growth of the Company and consistently returning capital to our shareholders through our quarterly dividend and stock repurchases."

Stock repurchases under the Company's authorized program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws, at the discretion of the Company. The timing of purchases and the number of shares repurchased under the program is dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The repurchase program may be suspended or discontinued at any time without notice.