EFFINGHAM, Ill. and MONTEBELLO, N.Y., Nov. 10, 2016 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ:MSBI) and Sterling National Bank, a wholly-owned subsidiary of Sterling Bancorp (NYSE:STL) announced today that Midland States Bank, Midland's wholly-owned bank subsidiary, has completed its acquisition of the trust department of Sterling National Bank of Montebello, New York. With the acquisition of Sterling's approximately $400 million in managed assets, Midland has increased the size of its wealth management operations to approximately $1.6 billion in assets under administration. Midland has retained all 12 members of Sterling's trust department, bringing Midland's Wealth Management Group to 45 professionals. As part of the transaction, Midland also established a trust office in Tarrytown, New York, which will operate under the name of Midland Trust Company, a subsidiary of Midland States Bank. Leon Holschbach, President and Chief Executive Officer of Midland, said, "We are very pleased to complete this transaction, which continues the growth of our wealth management business and further increases our non-interest income. We are always looking for opportunities to bring talented and experienced professionals into the Midland family, especially when we can add teams who have worked together and share our approach to providing superior customer service. I want to extend a hearty welcome to the New York team joining us." "We are excited to complete the sale of our trust business to Midland and believe that our clients will enjoy a smooth transition and benefit from Midland's excellent track record of service and significant experience in this area. This transaction will allow Sterling to continue focusing on executing our strategy of serving middle market commercial clients through our differentiated team-based, relationship banking model," said Jim Peoples, Sterling's Chief Banking Officer. The majority of the trust assets acquired by Midland are held within Special Needs and Settlement Trusts. This acquisition enhances Midland's existing Special Needs and Settlement Trust business, which it entered in 2013, and brings its assets under management in this area to approximately $450 million.