Form 4: Midland States Bancorp Director Discloses Equity Holdings

Midland States Bancorp Director Richard T. Ramos reported his beneficial ownership of common stock and common share equivalents, including recent dividend reinvestments.

Summary

• Richard T. Ramos, a Director of Midland States Bancorp, Inc. (MSBI), reported his beneficial ownership of company securities.
• Directly owns 20,103 shares of Common Stock, jointly with his spouse.
• Indirectly owns 500 shares of Common Stock through his daughter and 500 shares through his son, with beneficial ownership disclaimed except for pecuniary interest.
• Acquired 982.425 Common Share Equivalents on December 31, 2025, through dividend reinvestment in the Deferred Director Compensation Plan (DDCP) at a price of $16.17 per equivalent.
• These common share equivalents vested on the transaction date and become payable upon termination of service as a director.
• Total direct beneficial ownership of derivative securities (Common Share Equivalents) is 45,634.5941.

Sentiment

Score: 6

Explanation: The filing is a neutral, factual disclosure of insider holdings and a routine acquisition of share equivalents through dividend reinvestment, which generally indicates continued alignment of interests.

Positives

• Director Ramos continues to hold a significant number of shares and share equivalents, indicating alignment with shareholder interests.
• The acquisition of common share equivalents through dividend reinvestment demonstrates ongoing participation in the company's equity programs.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of insider transactions for a director of a regional bank. Such filings are common and provide transparency into management's equity holdings, which can be a signal of confidence in the company's future.

Corporate Governance

Related Party Transactions

• Indirect ownership of 500 shares each by daughter and son, though beneficial ownership is disclaimed except for pecuniary interest.

Stakeholder Impact

• Shareholders: Provides transparency into a director's equity holdings and ongoing participation in company equity programs, potentially signaling confidence.
• Regulatory Authorities: Ensures compliance with Section 16(a) of the Securities Exchange Act of 1934.

Next Steps

• Common share equivalents become payable upon termination of service as a director.

Key Dates

Recommendation

This Form 4 filing is a routine disclosure of a director's beneficial ownership and the acquisition of common share equivalents through dividend reinvestment. It does not contain information that would fundamentally alter the investment thesis for Midland States Bancorp. The director's continued holdings and participation in equity plans suggest ongoing alignment with shareholder interests, supporting a 'hold' recommendation based solely on this filing.

Keywords

Midland States Bancorp, MSBI, Richard T. Ramos, Form 4, Beneficial Ownership, Insider Trading, Director Holdings, Common Stock, Derivative Securities, Dividend Reinvestment, SEC Filing