EFFINGHAM, Ill. - Midland States Bancorp, Inc. (NASDAQ: MSBI), a community-based financial holding company, announced today the appointment of Travis Franklin to its Board of Directors, effective immediately. Franklin, who serves as Executive Vice President and Chief Financial Officer of Heartland Dental, LLC, joins the board of both the holding company and its wholly-owned subsidiary, Midland States Bank.
With a background in business management and finance, including his role as Chief Investment Officer for a family office prior to Heartland Dental, Franklin brings a wealth of experience to the board. His educational credentials include a B.S. in Business Management and an M.B.A. from Eastern Illinois University.
Jeffrey C. Smith, Chairman of Midland States Bancorp and Midland States Bank, expressed confidence in Franklin's appointment, citing his significant contributions to the Effingham business community and his familiarity with Midland. Smith highlighted the growth of both Heartland Dental, which operates over 1700 locations across 38 states, and Midland as major employers in the region.
Midland States Bancorp, headquartered in Effingham, Illinois, reported total assets of approximately $7.83 billion as of March 31, 2024. The company's Wealth Management Group oversees assets under administration of approximately $3.89 billion.
Midland States Bancorp offers a range of banking products and services, including commercial and consumer banking, business equipment financing, merchant credit card services, trust and investment management, insurance, and financial planning services.
InvestingPro Insights
As Travis Franklin takes his seat on the board of Midland States Bancorp, Inc. (NASDAQ: MSBI), investors may be interested in the latest financial metrics and analyst insights provided by InvestingPro. With a market capitalization of approximately $504.69 million and a robust price-to-earnings (P/E) ratio of 8.95, which adjusts slightly to 8.74 when considering the last twelve months as of Q1 2024, MSBI presents an interesting value proposition.
InvestingPro Tips reveal that Midland States Bancorp has a high shareholder yield, which is further supported by its impressive dividend track record. The company has not only raised its dividend for 8 consecutive years, but it has also maintained dividend payments for 9 consecutive years. This commitment to returning value to shareholders is underscored by a substantial dividend yield of 5.24% as of the latest data. Additionally, analysts predict the company will remain profitable this year, reinforcing the company's financial health despite a forecasted dip in net income.
While some analysts have revised their earnings expectations downwards for the upcoming period, MSBI has experienced a significant return over the last week, with a 1-week price total return of 8.04%. This short-term performance, coupled with a long-term perspective that includes a 1-year price total return of 27.87%, suggests that the company has navigated recent market fluctuations effectively.
Investors looking to delve deeper into the financial health and future prospects of Midland States Bancorp can find additional InvestingPro Tips on the company's profile. There are currently 9 additional tips available, which could provide further insights into MSBI's performance and potential investment opportunities. To access these insights and benefit from a comprehensive investment tool, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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