Midland States Bancorp in Effingham, Ill., has shuffled its top management with three promotions.
The $5.7 billion-asset company said Wednesday that Jeffrey Ludwig had been named its president and CEO of its bank. Ludwig had been Midland's chief financial officer and the bank's president and CFO. Ludwig has also joined the company's board.
Stephen Erickson, who had been director of mergers and acquisitions, succeeded Ludwig as CFO of the company and the bank. Jeffrey Mefford, head of community banking, was named the bank's president.
The moves “reflect the continued implementation of our management succession plan,” Leon Holschbach, Midland's CEO, said in a press release. Ludwig and Mefford "have been instrumental in building Midland into one of the largest community banks in Illinois, and with their increased responsibilities, we are well positioned to continue executing on our strategic plan in the years ahead and creating additional value for our shareholders."
Since becoming head of M&A in 2015, Erickson has led the purchases of the $991 million-asset Centrue Financial of Ottowa Ill., and the $1.3 billion Alpine Bancorp in Belvidere, Ill.
The promotions came a day after Midland named Pat Morrow and Don Banks market presidents.