Midland States Bancorp announces partnership with LendingPoint

By Edlyn Cardoza

Midland States Bancorp, Inc. recently announced the formation of a partnership with LendingPoint, an AI-driven CreditTech platform that provides financing solutions to consumers. Through this partnership, Midland will fund consumer loans originated with its underwriting criteria through LendingPoint’s national network of point-of-sale retail relationships. Midland expects outstanding balances through this partnership to grow to $200-$250 million over the next couple of years.

Jeffrey G. Ludwig, President and Chief Executive Officer of Midland States Bancorp, said, “As one of the first community banks to engage in fintech partnerships, we have benefited from the diversification and growth provided by these programs. This is especially true because we only enter into partnerships where we can tailor the credit metrics to only generate high quality assets at attractive risk-adjusted yields. We are excited to announce our new relationship with LendingPoint, which will diversify our fintech partnerships and provide us with another source of prime consumer loans to complement the strong growth that we continue to see in our commercial and commercial real estate loan portfolios.”

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 March 31, 2022, the Company had total assets of approximately $7.34 billion, and its Wealth Management Group had assets under administration of around $4.04 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, insurance, and financial planning services.