Midland States Bancorp in Effingham, Ill., has agreed to buy Heartland Bank in St. Louis from Love Savings Holding Co.

Terms of the deal were not disclosed, though Midland said it expects to complete the acquisition of the $794 million-asset Heartland in the first quarter. Heartland has 14 branches in Missouri, including 11 around St. Louis, and one branch in Denver.

The $1.7 billion-asset Midland will also obtain Heartland Business Credit in Denver, which provides commercial equipment leasing, and Love Funding in Washington, D.C., which finances multifamily and senior care facilities. The deal also includes Heartland Bank Direct, an online bank.

"We expect this transaction to be very powerful for our shareholders as well as for our ability to serve the St. Louis market," Jack Schultz, Midland's chairman, said in a press release. "We entered the St. Louis market approximately 10 years ago and have experienced steady growth. The addition of the Heartland Bank locations and personnel will expedite this growth in a significant way."

Heartland would be Midland's ninth acquisition since 2007. Earlier this year, Midland bought Grant Park Bancshares in Illinois and Settlement Trust Group in Milwaukee. Midland will have 48 branches when the acquisition is completed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.