August 11, 2011 / 9:00 PM / 9 years ago

UPDATE 1-Midland States Bancorp postpones IPO

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Aug 11 (Reuters) - 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 Effingham, Illinois-based 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. (Reporting by Satyanarayan Iyer in Bangalore; Editing by Gopakumar Warrier)

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