FJ Capital Management Amends MSBI Stake; Ownership Details Updated

TL;DR

**FJ Capital Management updated its Midland States Bancorp ownership, showing continued significant stake.**

AI Summary

FJ Capital Management LLC, an investment advisor, filed an amended SC 13G/A on February 8, 2024, indicating a change in their beneficial ownership of Midland States Bancorp, Inc. (MSBI) common stock as of December 31, 2023. This amendment, filed under Rule 13d-1(c), shows that FJ Capital Management LLC, along with its associated entities like FINANCIAL OPPORTUNITY FUND LLC and BRIDGE EQUITIES III, LLC, continues to hold a significant stake. This matters to investors because large institutional holdings can influence stock stability and signal confidence (or lack thereof) in the company's future.

Why It Matters

This filing updates the public record on a significant institutional investor's stake in Midland States Bancorp, Inc., providing transparency on who owns a substantial portion of the company.

Risk Assessment

Risk Level: low — This is a routine amendment to a beneficial ownership filing, indicating no immediate or significant new risks.

Analyst Insight

Investors should note that FJ Capital Management LLC continues to hold a position in MSBI, suggesting ongoing institutional interest. While this filing doesn't reveal a new buy or sell, it confirms their updated ownership status as of December 31, 2023.

Key Players & Entities

• FJ Capital Management LLC (company) — the reporting person and investment advisor
• Midland States Bancorp, Inc. (company) — the subject company (issuer) of the securities
• FINANCIAL OPPORTUNITY FUND LLC (company) — a group member associated with FJ Capital Management LLC
• BRIDGE EQUITIES III, LLC (company) — a group member associated with FJ Capital Management LLC
• Martin S. Friedman (person) — a group member associated with FJ Capital Management LLC

FAQ

Filing Documents

• eps11128_msbi.htm (SC 13G/A) — 199KB
• 0001171520-24-000095.txt ( ) — 201KB

(a)

Item 1(a). Name of Issuer: Midland States Bancorp ILL (MSBI)

(b)

Item 1(b). Address of Issuer’s Principal Executive Offices: 1201 Network Centre Drive Effingham, IL 62401

(a)

Item 2(a). Name of Person Filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Financial Opportunity Long/Short Fund LLC Martin Friedman Bridge Equities III, LLC Bridge Equities XI, LLC SunBridge Manager, LLC SunBridge Holdings, LLC White Oak Enterprises, Inc.

(b)

Item 2(b). Address of Principal Business Office or, if None, Residence: FJ Capital Management, LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Long/Short Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Bridge Equities III, LLC 8171 Maple Lawn Blvd, Suite 375 Fulton, MD 20759 Bridge Equities XI, LLC 8171 Maple Lawn Blvd, Suite 375 Fulton, MD 20759 SunBridge Manager, LLC 8171 Maple Lawn Blvd, Suite 375 Fulton, MD 20759 CUSIP No. 597742105 Page 12 of 17 SunBridge Holdings, LLC 8171 Maple Lawn Blvd, Suite 375 Fulton, MD 20759 White Oak Enterprises, Inc. 8171 Maple Lawn Blvd, Suite 375 Fulton, MD 20759

(c)

Item 2(c). Citizenship: Financial Opportunity Fund LLC, Financial Opportunity Long/Short Fund LLC, Bridge Equities III, LLC, Bridge Equities XI, LLC, and FJ Capital Management LLC, SunBridge Manager, LLC, SunBridge Holdings, LLC – Delaware limited liability companies Martin Friedman – United States citizen White Oak Enterprises, Inc. – Maryland corporation

(d)

Item 2(d). Title of Class of Securities: Common Stock

(e)

Item 2(e). CUSIP Number: 597742105 Item 3. If This Statement is Filed Pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), Check Whether the Person Filing is a: (a) Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with §240.13d-1(b)(ii)(G); (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) Group, in accordance with §240.13d-1(b)(1)(ii)(J). CUSIP No. 597742105 Page 13 of 17 Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: FJ Capital Management LLC – 1,269,108 shares Financial Opportunity Fund LLC – 901,346 shares Financial Opportunity Long/Short Fund LLC – 1,477 shares Martin Friedman – 1,269,108 shares Bridge Equities III, LLC – 275,828 shares Bridge Equities XI, LLC – 39,808 shares SunBridge Manager, LLC – 315,636 shares SunBridge Holdings, LLC - 315,636 shares White Oak Enterprises, Inc. – 315,636 shares (b) Percent of class: FJ Capital Management LLC – 5.89% Financial Opportunity Fund LLC – 4.18% Financial Opportunity Long/Short Fund LLC – 0.01% Martin

View Full Filing

View this SC 13G/A filing on SEC EDGAR