Midland States Bancorp, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Midland States Bancorp, Inc. (MSBI) on May 11, 2026, reporting events occurring on May 8, 2026. The filing pertains to the appointment of a new Chief Financial Officer for the Company and its subsidiary, Midland States Bank.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of Claire A. Stack as Executive Vice President and Chief Financial Officer, effective May 8, 2026. Ms. Stack previously served as Corporate Controller since November 2025 and as interim CFO since March 2026.
Management Commentary and Compensation
Ms. Stack's new compensation package includes:
- Annual Salary: $350,000
- Bonus Potential: 40% of base salary
- Equity Awards: Eligibility for annual awards equal to 50% of base salary (restricted stock or non-qualified stock options)
- One-Time Grant: Restricted stock equal to 50% of base salary, subject to Board approval
- Restrictions: 12-month non-solicitation period following termination
The filing notes that Ms. Stack brings over 15 years of experience in financial services, including public bank accounting and SEC reporting.
Investor Verification Checklist
- Verify the Board of Directors' approval of the one-time restricted stock grant.
- Review the full text of the Change of Control Agreement referenced in the filing.
- Confirm the effective date of the promotion and any transition details regarding the interim CFO role.
- Check subsequent filings for the formal grant of the one-time equity award.