Love Funding Corporation, one of the nation’s largest FHA multifamily and healthcare financing providers, announced today that it has significantly increased capacity to provide additional HUD MAP and LEAN lending services as a result of a planned merger involving its parent company, Heartland Bank.
Heartland Bank’s planned merger with Midland States Bank, announced separately today, will provide Love Funding access to a multi-billion dollar financing platform with which to provide its clients additional FHA financing products and services. Once the merger is completed, the combined entity will have more than $2.5 billion in assets, providing Love Funding more capital to continue its significant growth.
Mark Dellonte, President and CEO of Love Funding, said, “We are extremely pleased that Love Funding will be part of the Midland family and look forward to continuing to provide the same excellent service to our clients as we have become known for in the HUD financing industry. Midland is a 132 year old financial institution that brings additional strength and resources that will enable us to build on what we started under Heartland Bank. This merger will enable Love Funding to accelerate our continued growth and expansion, especially in the healthcare sector, by pursuing additional financing programs suited to our clients needs.”
Leon Holschbach, President and CEO of Midland States Bancorp, Inc., parent of Midland States Bank, said, “Midland’s growth plan is focused on identifying well run financial services businesses and providing a platform to allow further growth. Love Funding has grown into one of largest and most reliable MAP and LEAN funding platforms and has offices across the U.S. It is consistently among the nation’s top FHA-insured lenders and we are confident that Mark and his team will continue the success they have had over the past 20 years. And we are especially pleased that both Rick Stevenson and Larry Schiffer, the past and current Chairmen of Love Funding, will continue their involvement with the Company. This continuity of proven leadership is exactly the type of situation we look for in seeking to drive additional value for our shareholders through accretive acquisitions.”
The transaction is subject to customary closing conditions and regulatory approval and is expected to close in the first quarter of 2014.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based, financial holding company headquartered in Effingham, Illinois and parent of Midland States Bank. Midland States Bank is rated “5 Stars” by Bauer Financial, a rating reserved for only the strongest financial institutions in the U.S., and was rated one the fastest growing financial services companies by Inc 500/5000 in “Fastest Growing Private Companies” in 2011. Upon completion of the merger, Midland States will have assets of approximately $2.5 billion, a mortgage servicing portfolio in excess of $6.0 billion and wealth management assets under administration of more than $1.0 billion. Established in 1881, Midland States Bank provides a full range of commercial and consumer banking products, trust and investment management, insurance, and financial planning services. As a community banking institution, Midland States Bank prides itself on establishing and maintaining close relationships with its customers and is committed to serving the financial needs of the communities it serves. For additional information, visit http://www.midlandsb.com.
About Love Funding
Love Funding specializes in originating FHA fully insured loans and is a recognized expert in all aspects of multifamily and affordable housing, healthcare facilities (Memory Care, Assisted Living and Intermediate or Skilled Nursing) and hospitals. Love Funding is an FHA MAP (Multifamily Accelerated Processing), a LEAN (Healthcare Programs) approved lender and a Ginnie Mae issuer, and provides FHA financing for acquisition, refinancing, new construction and substantial rehabilitation for all property types. It currently has a servicing portfolio of approximately $4.0 billion. Love Funding’s headquarters is based in Washington, D.C. and it has offices in 12 additional locations across the U.S. Love Funding arranged $1.23 billion of financing in 2012, a new record for the company. For additional information see http://www.lovefunding.com.
Sally Baker Woods
Love Funding Corporation
Director of Marketing
Douglas J. Tucker
Midland States Bancorp, Inc.
Senior V.P., Corporate Counsel and Director of Investor Relations