Midland States Bancorp postpones IPO; watches market

EFFINGHAM, Ill. ― Midland States Bancorp Inc. said it postponed its initial public offering citing adverse market conditions.

U.S. markets have seen a wave of selling after ratings agency Standard & Poor’s downgraded the country’s credit rating and fears of a downturn in the economy resurfaced.

On Aug. 9, Reuters reported that the decision to move ahead with Midland States Bancorp IPO is now being made on a “day-to-day” basis due to market conditions.

The company had filed for an IPO on May 13 with the Securities and Exchanges Commission (SEC) to raise up to $75 million.

Seattle-based lender Homestreet Inc. delayed the pricing of its IPO citing volatility in the markets.