Midland Financial Corp., the Florida holding company for Midland IRA Inc. and Midland Trust Company, has become an employee-owned company effective December 2019. Midland sold a percentage of its ownership interest to a newly created Employee Stock Ownership Trust, allowing current and future employees to gain a beneficial ownership interest in the company. This was made possible with the help of Atlantic Management Company, Inc., Horizon Bank and Trust, and SES ESOP Strategies.
Effectively, the ESOP is a qualified retirement plan which, based on company performance, could generate significant retirement benefits for our 60+ Employee Owners.
Commenting on the announcement, Dave Owens, President, and CEO of Midland, said, “Becoming an employee-owned company was a major decision for me. Midland has been in business for over 26 years. In 2002, we expanded into the Custodial IRA Industry and we have been extremely successful. I am very proud of the business our employees helped to create, and I believe this is a great opportunity to plan for the future and give the next generation the opportunity to expand the business.”
In addition to the ESOP, we will be launching our biggest campaign ever in our new Midland Mission. Our new mission, simplified, is “People Make Midland.”
Employees here at Midland are excited to be a part of this change. Kelsey Dineen, a Sales Director who has been with Midland for over ten years, states, “With the ESOP in place, we all stand to benefit from the fruits of our labor. Each day is a chance to help grow the company. If I succeed, the entire Midland team also benefits. It’s incredibly motivating from both a financial and psychological perspective. Job security was always an important item for me. I didn’t want to worry about corporate buy-outs or consolidation. With an ESOP in place, Midland can offer more stability as the entire staff is pulling together to guarantee the future of the company.”
NCEO’s (National Center for Employee Ownership) statistics show “Companies that have high-involvement, idea-generating cultures, generate an incremental 6% to 11% added growth per year over what their prior performance relative to their industries would have predicted.”
For Midland’s customers, not much will change. Midland is still under the same management and our customers will deal with the existing team here at Midland. However, this should give both our customers and employees an even stronger sense of security in Midland’s future.
For questions concerning Midland Trust becoming an employee-owned company, contact us at (239) 333-1032 or visit www.midlandtrust.com. For more information on ESOPs, you can visit www.nceo.org and www.esopassociation.org.