Midland States Bancorp, the fourth largest bank holding company in Illinois, withdrew its plans for an initial public offering on Monday. The company had originally planned to list on the NASDAQ this summer, but was later forced to postpone due to unfavorable market conditions sparked by the European Debt Crisis. The Effingham, IL-based company was founded in 1881 and booked $100 million in revenues for the 12 months ended 3/31/11. Sandler O'Neill and Stifel Nicolaus Weisel were set to be the lead underwriters on the deal.
