New York, February 7, 2013 – Midland States Bank, an Illinois-based community bank specializing in wealth management and trust, today announced that it has selected Innovest Systems' InnoTrust as its trust and wealth management platform. InnoTrust will provide Midland with a robust, scalable, and innovative solution to support its trust and wealth management offering.
Innovest Systems' flagship product, InnoTrust, is a secure, integrated, real-time trust accounting and wealth management technology platform provided via a Software as a Service (SaaS) model. By combining InnoTrust's state of the art accounting and reporting capabilities with best of breed providers with complementary capabilities, Innovest delivers a comprehensive technology solution to the wealth management market.
Eric Chojnicki, president of wealth management at Midland States Bank says, "Our firm selected Innovest because we believe Innovest's focus on bringing state-of-the-art solutions to the trust and wealth management market aligns perfectly with Midland States Bank's deep commitment to providing excellent products and service to its wealth management clientele."
Glenn Schmidt, Innovest's chief operating officer added, "Innovest is very excited to bring an end-to-end wealth management and trust solution to Midland States Bank. As a result of our working together, Midland States Bank will be positioned to leverage state of the art technology to manage its clients' assets. Firms like Midland benefit from Innovest's ability to bring together the many components—portfolio management, investment performance reporting, securities clearing, custody, CRM and more—that today's wealth management clients expect."
About Innovest Systems
Innovest Systems, LLC is a financial technology firm that provides technology-driven solutions to trust and wealth management companies. Innovest's flagship product, InnoTrust, delivers a secure, integrated, real-time system offered in a Software as a Service (SaaS) environment. Innovest's technology is designed to meet the needs of the world's largest global financial services firms, as well as smaller independent trust and wealth management companies. Innovest is headquartered in New York City. For more information about Innovest Systems, visit www.innovestsystems.com.
Media: Fraylie Nord
About Midland States Bank
Established in 1881, Midland States Bank offers a full array of consumer and commercial banking products. As a community banking institution, Midland States Bank prides itself on establishing and maintaining relationships with its customers and is committed to serving the financial needs of its communities. As of December 31, 2012, Midland States Bank had total assets of $1.6 billion and operated 28 offices throughout Illinois and one office in Missouri.
The Bank also provides wealth management services, including trust administration, asset management, financial planning, retail brokerage and insurance. As of December 31, 2012, the Bank's wealth management group administered $910 million in assets. For more information, please visit the Company's website at www.midlandsb.com.