Brief: Midland States Bancorp Announces Settlement Of Prior Tax Issue Related To Treatment Of Gains Recognized On FDIC-Assisted Transactions

Midland States Bancorp

29/06/2021 21:20

June 29 (Reuters) - Midland States Bancorp Inc  MSBI.O :
    * MIDLAND STATES BANCORP INC - ANNOUNCED SETTLEMENT OF A
PRIOR TAX
ISSUE RELATED TO TREATMENT OF GAINS RECOGNIZED ON FDIC-ASSISTED
TRANSACTIONS
    * MIDLAND STATES BANCORP INC - SETTLEMENT OF PRIOR TAX ISSUE
WILL
RESULT IN A $6.75 MILLION TAX BENEFIT THAT WILL BE RECOGNIZED IN
Q2 OF 2021
    * MIDLAND STATES BANCORP INC - WILL ALSO RECOGNIZE ABOUT
$3.6
MILLION IN CONSULTING AND LEGAL EXPENSES RELATED TO SETTLEMENT
OF TAX ISSUE
    * MIDLAND STATES BANCORP INC - CONSULTING AND LEGAL EXPENSES
RELATED TO SETTLEMENT OF TAX ISSUE WILL RESULT IN AN AFTER-TAX
GAIN OF ABOUT $2.9 MILLION

Source text for Eikon:  ID:nGNX6BJ8fv 
Further company coverage:  MSBI.O 

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