Midland States Bancorp Faces Nasdaq Compliance Challenge
Midland States Bancorp Faces Compliance Notification from Nasdaq
Midland States Bancorp, Inc. (NASDAQ: MSBI) has recently made headlines as it received a notification from the Nasdaq Stock Market regarding a compliance issue. This notification was expected, as it pertains to the company's failure to file its Quarterly Report on Form 10-Q for the quarter that ended on June 30, 2025.
Understanding the Nasdaq Notification
The notification letter, received on August 19, 2025, indicates that Midland States Bancorp did not comply with Nasdaq Listing Rule 5250(c)(1). This rule mandates that companies must submit all required periodic reports in a timely manner. The Company had filed a Form 12b-25 Notification of Late Filing on August 12, 2025, explaining the circumstances surrounding the delayed filing.
Interestingly, this notification does not result in any immediate changes to the listing or trading of the company's common stock on the Nasdaq Global Select Market, providing a sense of temporary stability amidst the compliance challenge.
Steps to Regain Compliance
Per Nasdaq’s regulations, the Company has until October 18, 2025, to submit a plan outlining how it intends to regain compliance with the Listing Rule. The Nasdaq has the authority to offer an extension of up to 180 days—from the due date of the delayed Form 10-Q, allowing the Company until February 26, 2026, to meet compliance standards.
Implications of Delayed Filings
The delay in filing the Quarterly Report was influenced by prior complications. The Company had already disclosed difficulties in submitting its Annual Report on Form 10-K for the year ending December 31, 2024. This report was eventually filed on July 1, 2025, with the necessary disclosures regarding a restatement of financial statements.
This restatement affected the Quarterly Report for the period concluding March 31, 2025, which was filed later on August 8, 2025. The Company aims to submit its Form 10-Q as soon as possible to resolve these ongoing issues.
What is Midland States Bancorp?
Midland States Bancorp, Inc. is a community-focused financial holding company located in Effingham, Illinois, and serves as the sole shareholder of Midland States Bank. With total assets of approximately $7.16 billion as of June 30, 2025, the Company has a robust Wealth Management Group, boasting assets under administration nearing $4.18 billion.
The financial institution offers a comprehensive array of services, including commercial and consumer banking products, business equipment financing, merchant credit card services, trust and investment management, as well as insurance and financial planning services tailored to meet a wide array of customer needs.
Company Contacts
For those interested in reaching out, Midland States Bancorp offers direct contacts for inquiries:
Jeffrey G. Ludwig, President and CEO: Email at jludwig@midlandsb.com or call (217) 342-7321.
Eric T. Lemke, Chief Financial Officer: Email at elemke@midlandsb.com or call (217) 342-7321.
Frequently Asked Questions
What triggered the notification from Nasdaq for Midland States Bancorp?
The notification was triggered by the Company's failure to timely file its Quarterly Report on Form 10-Q.
Does the notification affect the trading status of the Company's shares?
No, the notification has no immediate impact on the listing or trading of the Company’s common stock on the Nasdaq Global Select Market.
What is the deadline for Midland States Bancorp to regain compliance?
The Company has until October 18, 2025, to submit a compliance plan and may be granted an extension until February 26, 2026.
Has Midland States Bancorp faced similar issues before?
Yes, the Company had previously reported delays related to the filing of its Annual Report on Form 10-K, which complicated the recent filing processes.
What services does Midland States Bancorp offer?
The Company provides a range of services including commercial and consumer banking, equipment financing, wealth management, and insurance services.
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