EFFINGHAM, IL – Midland States Bancorp, Inc. (MSBI), a company specializing in state commercial banking with a market capitalization of $512 million, announced today the retirement of Douglas J. Tucker from his role as Senior Vice President and Corporate Counsel. The change took effect on January 3, 2025. According to InvestingPro data, the bank maintains a FAIR financial health score and offers a notable 5.2% dividend yield.
Tucker has been part of the executive team at Midland States Bancorp, a financial institution with a primary business address in Effingham, Illinois, and listed on the Nasdaq Stock Market under the ticker MSBI. The company also trades Depositary Shares representing a 1/40th interest in a share of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, under the ticker MSBIP. The bank has maintained dividend payments for nine consecutive years, demonstrating consistent shareholder returns.
The announcement came through an 8-K filing with the Securities and Exchange Commission, which detailed the departure without providing information on a successor or the reasons for Tucker's retirement. As is standard for such disclosures, the filing did not elaborate on the circumstances surrounding the retirement or any future plans for Tucker.
Midland States Bancorp, with its incorporation in Illinois and a fiscal year ending on December 31, did not indicate any immediate changes to its operations or strategic direction in connection with Tucker's departure. The company's contact number remains (217) 342-7321, as provided in the SEC filing.
The retirement of a senior executive is a significant event for any publicly traded company, and Midland States Bancorp has followed regulatory requirements by promptly reporting this change to its shareholders and the public.
This news is based on a press release statement and reflects the facts as reported by Midland States Bancorp in their recent SEC filing.
In other recent news, Midland States Bancorp's Q3 results prompted Piper Sandler to adjust its stock price target to $27.00, up from $26.00, while maintaining a neutral stance.
The bank's third-quarter performance showcased a higher-than-expected net interest income and core fee income, leading to pre-provision net revenue surpassing estimates. Despite an increase in nonperforming loans and substandard loans, Piper Sandler expressed optimism, viewing these as isolated issues within specific segments of the bank's portfolio.
The analyst firm also revised upward the earnings per share estimates for Q4 2024 and the full year 2025 to $0.73 and $2.70, respectively, reflecting positive expectations for net interest income and net interest margin. However, the firm advises consistent credit improvement before adopting a more favorable rating.
In other developments, Travis Franklin was appointed to Midland States Bancorp's Board of Directors. Meanwhile, DA Davidson, Keefe, Bruyette & Woods, and Stephens all adjusted their price targets for the company due to lower expectations for net interest income and anticipated increases in credit costs, yet maintained their ratings on the company's stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.