Form 4: Midland States Bancorp CEO Acquires Shares

Midland States Bancorp's President and CEO, Jeffrey G. Ludwig, reported the acquisition of 38,410 shares of common stock at $14.64 per share.

Summary

• Jeffrey G. Ludwig, President & CEO and Director of Midland States Bancorp, Inc. (MSBI), acquired 38,410 shares of common stock.
• The acquisition occurred on November 3, 2025, at a price of $14.64 per share.
• These acquired shares are Restricted Stock Awards (RSA) subject to a 4-year, 25% vesting schedule.
• Following this transaction, Ludwig directly beneficially owns 399,659.432 shares of common stock.
• Ludwig also indirectly owns 11,569 shares through JQ Properties, disclaiming beneficial ownership except for his pecuniary interest.
• The filing details existing derivative securities (options) held by Ludwig, including 16,800 options with an exercise price of $23, 8,383 options with an exercise price of $28.59, and 52,291 options with an exercise price of $28.43, all vesting over four years from their respective grant dates.
• A Power of Attorney was executed on August 5, 2025, by Jeff Ludwig, appointing Nathan D. Sturycz, Stephanie Gurgel, and Summer Moorman as attorneys-in-fact for SEC Section 16 filings.

Sentiment

Score: 7

Explanation: The acquisition of a substantial number of shares by the President and CEO is a strong positive signal, indicating management's confidence in the company's future performance and valuation. The RSA structure further aligns interests. The filing itself is a routine disclosure, but the underlying transaction is positive.

Positives

• A significant acquisition of 38,410 shares of common stock by the President and CEO, Jeffrey G. Ludwig, indicates management's confidence in the company's future.
• The shares were acquired at $14.64 per share, which could be seen as a favorable entry point if the stock appreciates.
• The Restricted Stock Award (RSA) structure aligns management's long-term interests with shareholder value through a 4-year vesting schedule.

Future Outlook

No specific forward-looking statements or guidance are provided in this Form 4 filing, which is a disclosure of insider transactions.

Industry Context

This insider acquisition by a key executive in the banking sector, Midland States Bancorp, Inc., suggests internal confidence in the company's performance and strategic direction. Such transactions are often viewed by the market as a positive signal, especially in a financial industry where stability and growth prospects are closely scrutinized.

Related Party Transactions

• The acquisition of 38,410 shares of common stock by Jeffrey G. Ludwig, the President & CEO and Director, constitutes an insider transaction.
• Indirect beneficial ownership of 11,569 shares through JQ Properties, where the reporting person disclaims beneficial ownership except for pecuniary interest, indicates a related entity.

Stakeholder Impact

• Shareholders: The insider acquisition by the CEO could be viewed positively, signaling confidence and potentially influencing investor sentiment and share price.

Key Dates

Recommendation

The significant acquisition of common stock by the President and CEO, Jeffrey G. Ludwig, at $14.64 per share, coupled with the long-term alignment of interests through a Restricted Stock Award (RSA) vesting schedule, signals strong insider confidence in Midland States Bancorp's future prospects. This insider buying activity is generally a bullish indicator for investors, suggesting that management believes the stock is undervalued or poised for growth. Therefore, a 'buy' recommendation is warranted based on this positive insider sentiment.

Keywords

Midland States Bancorp, MSBI, Jeffrey G. Ludwig, Insider Trading, Form 4, Stock Acquisition, CEO, Director, Restricted Stock Award, Options, Financial Services, Banking