Jeff Ludwig Appointed to Federal Reserve Board Advisory Council

Rhea-AI Summary

Midland States Bancorp, Inc. (NASDAQ: MSBI) announced that its CEO, Jeffrey G. Ludwig, has been appointed to the Federal Advisory Council of the Board of Governors of the Federal Reserve Board. The Council provides the financial industry’s perspective on regulatory and monetary policy matters. Mr. Ludwig will have the opportunity to present information and views on the economy, regulatory matters, and the importance of community banks to the Federal Reserve’s Board of Governors, regulatory agencies, and members of Congress.

EFFINGHAM, Ill., Feb. 06, 2024 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) (“Midland” or the “Company”) today announced that Jeffrey G. Ludwig, its President and Chief Executive Officer, has been appointed to the Federal Advisory Council (“FAC)” of the Board of Governors of the Federal Reserve Board. The Council, established by Congress under the Federal Reserve Act, provides the Board of Governors with the financial industry’s perspective on matters under the Board’s jurisdiction, including both regulatory and monetary policy.  

As a FAC member, Mr. Ludwig will meet several times each year with the Federal Reserve’s Board of Governors as well as the heads and staff of other principal financial industry regulatory agencies and members of Congress and will have the opportunity to present information and views on the economy, current and proposed regulatory matters and the importance of community banks.

Jeffrey C. Smith, Chairman of the Board of the Company, said, “I’m delighted but not at all surprised by this appointment. Jeff and his team do a marvelous job of maintaining excellent relationships with our regulatory agencies and Jeff consistently provides thought leadership for our bank and its business and retail customers.”

Jeff Ludwig said, “I’m honored to serve in this role and look forward to sharing the insights of our organization, which is one of the largest community banks in our Federal Reserve district, with our regulators and members of Congress who oversee the financial services industry. The Federal Reserve plays a very important role in the U.S. economy and works hard to obtain the information necessary for proper policy decisions. I am grateful for the chance to help bring community bank and middle-America views to the Board’s decision-making process.”

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2023, the Company had total assets of approximately $7.87 billion, and its Wealth Management Group had assets under administration of approximately $3.73 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

CONTACTS:
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

FAQ

What is the ticker symbol for Midland States Bancorp, Inc.?

The ticker symbol for Midland States Bancorp, Inc. is MSBI.

Who has been appointed to the Federal Advisory Council of the Board of Governors of the Federal Reserve Board?

Jeffrey G. Ludwig, the President and CEO of Midland States Bancorp, Inc., has been appointed to the Federal Advisory Council.

What role does the Federal Advisory Council play?

The Federal Advisory Council provides the Board of Governors of the Federal Reserve Board with the financial industry’s perspective on regulatory and monetary policy matters.

What will Mr. Ludwig do as a FAC member?

As a FAC member, Mr. Ludwig will meet several times each year with the Federal Reserve’s Board of Governors, regulatory agencies, and members of Congress, and will have the opportunity to present information and views on the economy, regulatory matters, and the importance of community banks.

What did Jeffrey C. Smith, Chairman of the Board of the Company, say about the appointment?

Jeffrey C. Smith stated that he is delighted but not surprised by the appointment, and that Jeff Ludwig and his team maintain excellent relationships with regulatory agencies and consistently provide thought leadership for the bank and its customers.

What did Jeff Ludwig say about his appointment?

Jeff Ludwig expressed his honor to serve in this role and his eagerness to share the insights of Midland States Bancorp, Inc. with regulators and members of Congress, bringing community bank and middle-America views to the Board’s decision-making process.