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Business

Midland States completes acquisition of HomeStar

Midland States Bancorp Inc. recently completed its acquisition of HomeStar Financial Group, the parent company of HomeStar Bank and Financial Services.

As a result of the transaction, HomeStar Bank is now a subsidiary of Midland, the No. 1 bank in the Kankakee and Manteno area, based on deposits.

Midland maintains a banking center in Joliet at 100 N. Chicago St., and a branch office at at 1540 Route 59.

HomeStar maintains a branch at 25640 S Gougar Road, Manhattan.

“HomeStar, which has served its communities for more than 70 years, is a great addition to Midland and our almost 140 years as a community-focused bank,” said Jeff Ludwig, president and chief executive officer of Midland. “We are excited to welcome HomeStar’s customers to Midland and look forward to maintaining the same exceptional service level that they have come to expect while also providing a broader selection of financial products and services.”

Bill Smith, CEO of HomeStar, said the bank has worked closely with Midland over the past few months to ensure a smooth transition.

The transaction will increase the Midland branch network to 70 locations across Illinois and in the St. Louis market.

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