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Midland States Bancorp, Inc. Acquisition

November 10, 2016

Midland States Bancorp, Inc. (NASDAQ: MSBI) and Sterling National Bank, a wholly-owned subsidiary of Sterling Bancorp (NYSE: STL) announced today that Midland States Bank, Midland's wholly-owned bank subsidiary, has completed its acquisition of the trust department of Sterling National Bank of Montebello, New York. With the acquisition of Sterling's approximately $400 million in managed assets, Midland has increased the size of its wealth management operations to approximately $1.6 billion in assets under administration.

Midland has retained all 12 members of Sterling's trust department, bringing Midland's Wealth Management Group to 45 professionals. As part of the transaction, Midland also established a trust office in Tarrytown, New York, which will operate under the name of Midland Trust Company, a subsidiary of Midland States Bank.