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Midland States Bancorp raises dividend for 24th year in a row

EditorRachael Rajan
Published 02/07/2024, 05:28 AM
© Reuters.
MSBI
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EFFINGHAM, IL - Midland States Bancorp, Inc. (NASDAQ: MSBI) has declared an increase in its quarterly cash dividend, marking the 24th consecutive year of dividend growth for the company. The board of directors announced a dividend of $0.31 per share on its common stock, a 3.3% rise from the prior dividend of $0.30 per share. This dividend is slated for payment on February 23, 2024, to shareholders of record as of February 16, 2024.

Additionally, a cash dividend of $0.4844 per depository share has been declared on the company's 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, payable on April 1, 2024, to stockholders of record as of March 15, 2024.

Jeffrey G. Ludwig, President and CEO of Midland States Bancorp, expressed satisfaction with the company's ability to continue rewarding shareholders through increased dividends, attributing this capacity to strong financial performance and sound balance sheet management. He emphasized that the strategy also allows the company to retain sufficient capital to enhance capital ratios and support ongoing growth.

Midland States Bancorp, Inc., a community-based financial holding company headquartered in Effingham, Illinois, operates solely through Midland States Bank. As of December 31, 2023, the company reported total assets of approximately $7.87 billion. Its Wealth Management Group oversees assets under administration totaling about $3.73 billion.

The information in this article is based on a press release from Midland States Bancorp, Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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