SOURCE: Midwest Banc Holdings, Inc.

December 10, 2007 20:30 ET

Midwest Banc Holdings Closes 1.5 Million Share Offering

MELROSE PARK, IL--(Marketwire - December 10, 2007) - Midwest Banc Holdings, Inc. (NASDAQ: MBHI) today announced that it closed its public offering of 1,500,000 depositary shares, each representing 1/100th fractional interest in a share of its Series A Noncumulative Redeemable Convertible Perpetual Preferred Stock. Proceeds of $36.3 million, net of underwriting discounts and commissions of 3.15%, were received today. Midwest has given the underwriters the option to purchase up to an additional 225,000 depositary shares pursuant to a 30- day over-allotment option. We have requested that the depositary shares be listed and traded on the Nasdaq Global Market under the symbol "MBHIP." We have filed a final term sheet with the SEC describing the terms of the depositary shares.

Stifel, Nicolaus & Company, Incorporated was the lead underwriter and managed the offering. Friedman, Billings, Ramsey & Co., Inc.; Sterne, Agee & Leach, Inc.; and Howe Barnes Hoefer & Arnett also acted as underwriters.

Midwest Banc Holdings, Inc., headquartered in Melrose Park, IL, provides a wide range of retail and commercial banking services, personal and corporate trust services, securities services and insurance brokerage services in the greater Chicago area. We have 29 banking offices and operate 32 ATMs. Our principal operating subsidiaries are Midwest Bank and Trust Company and Midwest Financial and Investment Services, Inc.

Information on our products and services and locations is available at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offering is being made only by means of a prospectus, copies of which may be obtained from Stifel, Nicolaus & Company, Incorporated, 501 North Broadway, St. Louis, MO 63102 (telephone 1-800-729-6888).

This press release contains certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and should be reviewed in conjunction with the Company's Annual Report on Form 10-K and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth certain risks and uncertainties related to the Company's business which should be considered in evaluating "Forward-Looking Statements."

Contact Information

  • For further information, please contact:
    Daniel R. Kadolph
    Executive Vice President and Chief Financial Officer