EFFINGHAM, Ill., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ:MSBI) announced today that its Board of Directors has formally adopted a new strategic initiative of "Operational Excellence" under the Company's Strategic Plan. Midland's other strategic initiatives consist of Revenue Diversification, Customer-Centric Culture, Accretive Acquisitions and Enterprise-Wide Risk Management. The new Operational Excellence initiative, which replaces the prior De Novo initiative, is designed to place greater corporate-wide focus on driving improvements in people, processes and technology, and generate further improvement in Midland's operating efficiency and financial performance. "Following our growth from approximately $380 million in assets and six locations in 2007 to now more than $3 billion in assets and 80 locations, and building a Wealth Management group with more than $1.2 billion under administration, we believe there are a number of opportunities to increase operational efficiencies," said Leon J. Holschbach, President and Chief Executive Officer of Midland States Bancorp. Holschbach continued, "While we will continue to evaluate de novo opportunities, especially where we can add experienced professionals to our business platforms, the Operational Excellence initiative will help ensure that we are utilizing our technology and data to thoroughly understand the needs of our customers. The banking industry is undergoing rapid change. Our goal is to always deploy our people, branch network, and online and mobile banking capabilities in an efficient manner and provide a superior customer experience. We believe that combining a strong focus on operational excellence with our ongoing M&A and organic growth initiatives will enhance our efforts to continue driving shareholder value." Investment Portfolio Repositioning The Company also announced the sale of its portfolio of private label collateralized mortgage obligations ("CMOs") that was valued at $72.1 million at September 30, 2016 as part of its credit and interest rate risk management strategies. The Company will recognize a gain of $14.3 million in the fourth quarter of 2016 related to the sale of the CMO portfolio.