First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid” or “the company”) is the holding company for main subsidiary, First Mid Bank & Trust, N.A., which operates 85 locations throughout the Midwest region of the U.S., primarily IL and MO, with a smaller presence in WI, IN, and TX.
The company has been very acquisitive over the years to help strengthen its core deposit base, enhance noninterest income, diversify operations, and grow market share in footprint. FMBH has utilized a myriad of transaction types, including whole bank, branch, and loan portfolio acquisitions, which have totaled 10 since the start of 2010 and added nearly $6 billion in assets. Moreover, First Mid has been active with smaller-sized non-bank deals to help grow its wealth and insurance divisions. The most recent sizable whole bank transaction of $1.3 billion-asset Blackhawk Bancorp, Inc. (“BHWB”) closed in 3Q23 and expanded its footprint into WI. In our view, the M&A…
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