Form 4: Midland States Bancorp Director McDonnell Reports Dividend Reinvestment

Director Jeffrey M. McDonnell reports acquisition of common share equivalents through dividend reinvestment in Midland States Bancorp's DDCP.

Summary

• Jeffrey M. McDonnell, a director of Midland States Bancorp, Inc., filed a Form 4 on October 1, 2024, reporting a transaction on September 30, 2024.
• The transaction involved the acquisition of 292.538 common share equivalents through dividend reinvestment in the company's DDCP (Dividend Direct Credit Program) at a price of $21.66 per equivalent.
• McDonnell also reported beneficial ownership of 24,245 shares of common stock held indirectly through the Jeffrey M. McDonnell Revocable Trust UA and 1,987 shares held directly.
• He also holds 14,539.5006 common share equivalents and 6,193 Restricted Stock Units.
• The filing includes a power of attorney document, granting Douglas J. Tucker the authority to prepare and file Section 16 reports on McDonnell's behalf.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The director's participation in the dividend reinvestment program suggests confidence in the company's future, but it's a routine transaction.

Positives

• The dividend reinvestment indicates McDonnell's continued investment in the company.

Future Outlook

The document does not contain any specific forward-looking statements.

Industry Context

This filing is a routine disclosure related to insider transactions, which are common in the financial industry. Directors often participate in dividend reinvestment programs.

Comparison to Industry Standards

• Dividend reinvestment programs are a common practice among publicly traded companies, including banks like Midland States Bancorp.
• Comparable companies such as First Midwest Bancorp (now part of Old National Bancorp) and Wintrust Financial Corporation also have similar programs for their employees and directors.
• The reporting requirements under Section 16 of the Securities Exchange Act are standard across the industry, ensuring transparency in insider trading activities.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders.
• It provides transparency to shareholders regarding insider transactions.

Key Dates