Midland States Bancorp in Effingham, Ill., is planning to raise $120 million through an initial public offering.

The $2.9 billion-asset company said in a regulatory filing Monday that it has applied to list shares on the Nasdaq Global Select Market. The filing did not disclose the pricing or how many shares will be issued.

Midland said in the filing that it plans to use about $4.8 million in net proceeds from the offering to buy wealth management assets from Sterling Bancorp in Yonkers, N.Y. "We do not have any current specific plan for such remaining net proceeds, and do not have any current plans, arrangements or understandings to make any material acquisitions," the filing said.

The filing also disclosed that a number of shareholders plan to sell about 428,000 shares in the offering. Midland will not collect any proceeds from those sales.

Sandler O'Neill and Keefe, Bruyette & Woods are the book-running agents, while D.A. Davidson and Stephens are co-managers.

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