Midland States to Acquire St. Louis Residential/Multifamily Lender

Midland States Bancorp Inc., Effingham, Ill., has agreed to acquire Heartland Bank and its subsidiaries from Love Savings Holding Co.

Heartland also is both a residential and commercial real estate lender.

The press release said Heartland has one of the largest residential mortgage origination programs in the St. Louis area.

It also provides commercial equipment leasing and Federal Housing Administration multifamily and senior/health care facility financing through its Heartland Business Credit and Love Funding Corp.

Laurence A. Schiffer, president and co-CEO of Love Savings, said, “Heartland Bank has several strong businesses that we have carefully built over the past 20 years or so, including its residential mortgage origination, business leasing and FHA multifamily and healthcare financing businesses. Bringing these together under a larger organization is something we have been looking at for some time, and are pleased to have found what we believe to be the right partner in Midland.”

Terms of the deal were not disclosed.