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Midland States Bancorp Inc | Reset Rate Non-Cumul Preferred Series A (MSBIP)

Prospectus excerpt:  We are offering depositary shares, each representing a 1/40th ownership interest in a share of our 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, par value $2.00 per share (the “Series A Preferred Stock”), with a liquidation preference of $25.00 per depositary share (equivalent to $1,000 per share of Series A Preferred Stock). The depositary shares are evidenced by depositary receipts. As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series A Preferred Stock represented thereby (including dividend, voting, redemption and liquidation rights). You must exercise any such rights through the depositary. We will pay dividends on the Series A Preferred Stock, when, as, and if declared by our board of directors or a duly authorized committee of our board of directors and to the extent that we have lawfully available funds to pay dividends. If declared, dividends will accrue and be payable, quarterly in arrears, (i) from and including the date of original issuance to, but excluding September 30, 2027 (the “First Reset Date”) or the date of earlier redemption, at a rate of 7.750% per annum, on March 30, June 30, September 30 and December 30 of each year, commencing on December 30, 2022, and (ii) from and including September 30, 2027, during each reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described elsewhere in this prospectus supplement) plus 4.713%, on March 30, June 30, September 30 and December 30 of each year, beginning on December 30, 2027, except in each case where such day is not a business day. Upon payment of any dividends on the Series A Preferred Stock, holders of depositary shares are expected to receive a proportionate payment.

Full Prospectus PDF », Secondary Prospectus PDF », MSBI Page »

Series:A
Redeemable?:Yes
Call Date:9/30/2027
Perpetual?:Yes
Cumulative?:No
Shares Offered:4,600,000
Liquidation Preference:$25.00
Recent Market Price:$24.89
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-0.11 (-0.44%)
Annualized Dividend:1.9376
Recent Ex-Date:3/14/2024
Current Yield:7.78%
Original Coupon:7.75% until 9/30/2027, then equal to the sum of the U.S. Five-year treasury rate on the applicable fixed rate calculation date plus 4.713%, resetting every 5 years thereafter on applicable fixed rate calculation date
Pay Period:Quarterly
Pay Dates:30-Mar, 30-Jun, 30-Sep, 30-Dec
CDx3 Compliance Rating: Learn MSBIP's Rating
Midland States Bancorp is a bank holding company. Through its subsidiary, Midland States Bank, Co. has branches across Illinois and in Missouri, and provides a range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. Co.'s community banking business consists of commercial and retail lending and deposit taking. Co. provides depository products, including checking, savings, money market and certificates of deposits. Co. also provides sweep accounts to its business customers and sweep accounts that are guaranteed through repurchase agreements.

Preferred: MSBIP


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Name: 
Midland States Bancorp Inc
Website: 
www.midlandsb.com
Sector: 
Banking & Savings
Number of ETFs Holding MSBI: 
24 (see which ones)
Total Market Value Held by ETFs: 
$52,932,138.47
Total Market Capitalization: 
$515,000,000
% of Market Cap. Held by ETFs: 
10.28%

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