Company Profile
- 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…