Midland States Bancorp Terminates CFO, Appoints Interim Successor Amidst Financial Challenges

summarizeSummary

Midland States Bancorp terminated its CFO, Eric Lemke, and appointed Claire Stack as interim CFO, a move that follows the company's recent report of a substantial net loss.

check_boxKey Events

• CFO Termination

  Eric Lemke was terminated from his position as Chief Financial Officer of Midland States Bancorp, Inc. and its subsidiary, effective March 5, 2026.

• Interim CFO Appointment

  Claire Stack, previously Corporate Controller, was appointed Vice President – Chief Accounting Officer and interim Chief Financial Officer, effective March 5, 2026.

• Leadership Change Follows Financial Loss

  This executive change occurs just days after the company reported a substantial net loss for 2025 due to a large goodwill impairment in its 10-K filing on March 2, 2026.

• New Executive Compensation

  Ms. Stack entered into a Change of Control Agreement, including severance provisions of 150% of salary plus average bonus for three years if terminated in connection with a change in control.

auto_awesomeAnalysis

The termination of Eric Lemke as Chief Financial Officer, immediately following the company's disclosure of a substantial net loss and goodwill impairment in its recent 10-K, signals a significant leadership change in response to financial performance. The appointment of Claire Stack as interim CFO, while she brings strong qualifications, introduces a degree of uncertainty regarding the long-term financial leadership. Investors will be watching for further details on the search for a permanent CFO and any strategic shifts in financial management.