EFFINGHAM, Ill., April 07, 2022 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ: MSBI) (the “Company” or “Midland”) today announced a new partnership with Synctera, which provides consultancy and a technology platform that connects banks with fintech partners. Midland plans to use its partnership with Synctera to focus primarily on developing fintech partnerships that will contribute to low-cost deposits and increase the number of customers using its payment solutions.
Jeffrey G. Ludwig, President and CEO of Midland States Bancorp, said, “Over the past decade, we have had a very successful fintech partnership with a consumer loan originator, which has given us a valuable experience that we plan to leverage through a broader Banking-as-a-Service (BaaS) initiative. One of the goals of our technology investment over the past few years has been to position Midland to compete in the BaaS space, and we are now well prepared to begin adding new fintech relationships and expanding our BaaS capabilities. Through our partnership with Synctera, we intend to be very disciplined in adding new relationships and to carefully manage our growth in this area. Longer term, we expect BaaS to become another important catalyst for our earnings growth and improved financial performance.
Peter Hazlehurst, Co-Founder and CEO of Synctera, said, “My team was impressed with the experience and technology savvy that Midland already has in the BaaS space. Midland also shares our philosophy that BaaS provides better opportunities for community banks to increase their relevance across a much wider footprint than their branch network, and that banks that take advantage of this opportunity will have a competitive advantage in the future of Bank. With Synctera, Midland will be able to expand the number of fintechs it can easily partner with to continue scaling effectively and growing revenue. »
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2021, the Company had total assets of approximately $7.44 billion, and its wealth management group had assets under administration of approximately $4.22 billion. Midland offers a full range of business and personal banking products and services, as well as commercial equipment financing, merchant credit card services, trust and investment management, insurance and financial planning. For more information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
Synctera’s end-to-end platform and guided, personalized experiences help fintech builders build products that integrate banking, card issuance, and more. Synctera’s unique programs enable seamless and effective partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an unviable product or scale a fully-fledged offering. Launched in 2020, the company was co-founded by CEO Peter Hazlehurst, former head of Uber Money, head of Google Wallet and CPO at Yodlee, along with CTO Kris Hansen and product manager Dominik Weisserth. For more information, visit https://www.synctera.com/.
Readers should note that in addition to historical information contained in this press release, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements of plans, objectives, goals, future financial situation and future earnings levels of the Company. These statements are subject to numerous risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID-19 pandemic and its potential effects on the economic environment, our customers and our operations, and any changes in federal, state and local laws, regulations and ordinances related to the pandemic; changes in financial markets; changes in business plans when circumstances warrant; risks related to acquisitions; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not guarantees of future events and that actual events may differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “will”, “propose”, “may”, “plan”, “seek”, “expect”, “intend”. of”, “estimate”, “anticipate”, “believe”, “continue” or similar terminology. All forward-looking statements set forth herein are made only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unforeseen events or otherwise. .
Douglas J. Tucker, Sr. VP, Corporate Counsel, at [email protected] or (217) 342-7321
Kara Lester, Gregory FCA for Synctera, at [email protected] or (610) 228-2119