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Midland States Bancorp, Inc. (MSBI): Marketing Mix [Jan-2025 Updated] |
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Midland States Bancorp, Inc. (MSBI) Bundle
Discover the strategic marketing landscape of Midland States Bancorp, Inc. (MSBI), a dynamic financial institution that has meticulously crafted its approach to serving customers across Illinois and Missouri. By seamlessly blending traditional banking services with innovative digital solutions, MSBI has positioned itself as a competitive player in the regional financial market, offering a comprehensive suite of products and services designed to meet the diverse needs of personal and business clients. From cutting-edge online platforms to personalized community-focused strategies, this exploration of MSBI's marketing mix reveals how the bank continues to evolve and connect with its target audience in an increasingly digital financial ecosystem.
Midland States Bancorp, Inc. (MSBI) - Marketing Mix: Product
Commercial and Personal Banking Services
As of Q4 2023, Midland States Bancorp offers a comprehensive range of banking products with total assets of $8.4 billion. The bank provides:
- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
| Account Type | Minimum Balance | Interest Rate |
|---|---|---|
| Free Checking | $0 | 0.01% |
| Premium Checking | $5,000 | 0.10% |
| 12-Month CD | $1,000 | 4.25% |
Wealth Management and Investment Solutions
The bank manages approximately $1.2 billion in wealth management assets as of 2023. Investment products include:
- Retirement planning
- Investment advisory services
- Estate planning
- Trust services
Online and Mobile Banking Platforms
Digital Banking Statistics:
- Mobile banking users: 68% of customer base
- Online transaction volume: 2.3 million monthly transactions
- Mobile app rating: 4.6/5 on app stores
Business Lending and Credit Products
| Loan Type | Total Portfolio | Average Interest Rate |
|---|---|---|
| Commercial Real Estate | $2.1 billion | 6.25% |
| Small Business Loans | $450 million | 5.75% |
| Equipment Financing | $180 million | 5.50% |
Insurance and Financial Advisory Services
Service Breakdown:
- Personal insurance products
- Commercial insurance solutions
- Risk management consulting
- Financial planning services
Midland States Bancorp, Inc. (MSBI) - Marketing Mix: Place
Physical Branches
Midland States Bancorp operates 88 full-service banking locations across Illinois and Missouri as of 2023. The branch network spans:
| State | Number of Branches |
|---|---|
| Illinois | 72 |
| Missouri | 16 |
Digital Banking Channels
The bank provides comprehensive digital banking services through:
- Mobile banking application
- Online banking platform
- Digital account opening
- 24/7 web-based banking services
Community-Focused Financial Service Centers
Midland States Bancorp maintains 15 dedicated community financial centers with specialized services for local markets.
ATM Network
The bank operates 126 ATM locations across its regional service areas, providing customers with:
- Cash withdrawals
- Balance inquiries
- Deposit capabilities
Mortgage Lending Locations
| State | Mortgage Lending Offices |
|---|---|
| Illinois | 7 |
| Missouri | 3 |
| Wisconsin | 2 |
| Indiana | 1 |
Midland States Bancorp, Inc. (MSBI) - Marketing Mix: Promotion
Targeted Digital Marketing Campaigns
Midland States Bancorp utilizes precision-targeted digital marketing strategies across multiple platforms. Digital advertising spend for 2023 reached $1.2 million, with a focus on geographic regions including Illinois, Missouri, and Wisconsin.
| Digital Channel | Marketing Budget Allocation | Targeted Audience Segment |
|---|---|---|
| Google Ads | $450,000 | Small Business Owners |
| LinkedIn Advertising | $350,000 | Professional Banking Clients |
| Facebook/Instagram Ads | $250,000 | Personal Banking Customers |
| Programmatic Display Ads | $150,000 | Diverse Regional Demographics |
Community Sponsorship and Local Event Engagement
Community engagement remains a core promotional strategy for Midland States Bancorp. In 2023, the bank invested $750,000 in local sponsorships and community events.
- Local Chamber of Commerce sponsorships: $175,000
- Educational institution partnerships: $225,000
- Small business networking events: $150,000
- Regional cultural and sports event sponsorships: $200,000
Referral Programs for New Account Acquisitions
The bank's referral program incentivizes existing customers to recommend banking services. In 2023, the referral program generated 4,237 new account openings with a total customer acquisition cost of $285 per new account.
| Referral Program Metric | 2023 Performance |
|---|---|
| New Accounts Opened | 4,237 |
| Average Referral Bonus | $100 |
| Total Referral Program Investment | $423,700 |
Educational Financial Webinars and Workshops
Midland States Bancorp conducted 42 educational webinars in 2023, attracting 6,850 total participants. Total investment in educational content marketing was $215,000.
- Personal finance webinars: 18 sessions
- Small business financial planning workshops: 12 sessions
- Retirement planning seminars: 12 sessions
Social Media and Digital Advertising Strategies
Social media engagement metrics for 2023 showed significant reach and interaction across platforms.
| Social Media Platform | Followers | Engagement Rate |
|---|---|---|
| 15,200 | 3.7% | |
| 22,500 | 2.9% | |
| 8,750 | 1.5% | |
| 11,300 | 4.2% |
Midland States Bancorp, Inc. (MSBI) - Marketing Mix: Price
Competitive Interest Rates on Savings and Checking Accounts
As of Q4 2023, Midland States Bancorp offers the following interest rates:
| Account Type | Interest Rate | Minimum Balance |
|---|---|---|
| Personal Checking | 0.01% - 0.05% | $100 |
| Business Checking | 0.02% - 0.10% | $500 |
| High-Yield Savings | 3.75% - 4.25% | $10,000 |
Tiered Pricing for Business and Personal Banking Services
Midland States Bancorp implements a tiered pricing structure with the following characteristics:
- Business account tiers based on monthly transaction volumes
- Personal banking packages with graduated service levels
- Pricing ranges from $0 to $35 per month depending on account features
Low or No-Fee Transaction Account Options
Fee structure for transaction accounts:
| Account Type | Monthly Maintenance Fee | ATM Fee Reimbursement |
|---|---|---|
| Basic Checking | $0 | None |
| Premium Checking | $12 | Up to $25/month |
Customized Pricing for Commercial and Personal Lending
Lending rates as of January 2024:
| Loan Type | Interest Rate Range | Loan Term |
|---|---|---|
| Commercial Business Loan | 6.25% - 9.75% | 1-10 years |
| Personal Home Loan | 6.50% - 7.90% | 15-30 years |
| Auto Loan | 5.99% - 8.25% | 3-7 years |
Transparent Fee Structure for Financial Products
Fee breakdown for key financial services:
- Wire Transfer: $25 domestic, $45 international
- Overdraft Fee: $35 per occurrence
- Stop Payment: $35 per request
- Online Banking: Free
- Mobile Check Deposit: Free
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