First Mid Bancshares, Inc. Completes Acquisition of Blackhawk Bancorp, Inc.
15 Agosto 2023 - 12:35PM
First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid” or the
“Company”) announced today that the acquisition of Blackhawk
Bancorp, Inc. (“Blackhawk”) has been completed.
As of June 30, 2023, Blackhawk had approximately $1.3 billion in
total assets, $1.2 billion in deposits and $784 million in loans
through 10 locations in Illinois and Wisconsin. With the completion
of this acquisition, First Mid has approximately $8.0 billion in
total assets.
There are no immediate changes for Blackhawk customers. The
conversion of accounts from Blackhawk is expected to happen in
December of this year. Customers will receive information well in
advance of any changes that may affect them.
“We welcome Blackhawk’s customers and employees to First Mid and
are excited to provide expanded services to the strong
relationships Blackhawk has built,” said Joe Dively, First Mid
Chairman and Chief Executive Officer. “We have worked closely with
the Blackhawk team over the last few months to ensure a smooth
transition.”
In conjunction with the closing today, Todd James has resigned
his position as CEO of Blackhawk and joined the First Mid Board of
Directors. “We are excited to have Todd join our Board. He will
provide a strong voice for our expanded footprint and valuable
insight for our Board,” Dively concluded.
About First Mid Bancshares, Inc.: First Mid
Bancshares, Inc. is the parent company of First Mid Bank &
Trust, N.A., Blackhawk Bank, First Mid Insurance Group and First
Mid Wealth Management Company. First Mid has grown into an $8.0
billion community-focused organization that provides financial
services through a network of banking centers in Illinois,
Missouri, Texas, and Wisconsin, and a loan production office in
Indiana. More information about the Company is available on our
website at www.firstmid.com. Our stock is traded in The NASDAQ
Stock Market LLC under the ticker symbol “FMBH”.
Forward Looking Statements:
This document may contain certain forward-looking statements about
First Mid and Blackhawk, such as discussions of First Mid’s and
Blackhawk’s pricing and fee trends, credit quality and outlook,
liquidity, new business results, expansion plans, anticipated
expenses and planned schedules. First Mid intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, which are based on certain assumptions and describe
future plans, strategies and expectations of First Mid and
Blackhawk, are identified by use of the words “believe,” “expect,”
“intend,” “anticipate,” “estimate,” “project,” or similar
expressions. Actual results could differ materially from the
results indicated by these statements because the realization of
those results is subject to many risks and uncertainties,
including, among other things, the possibility that any of the
anticipated benefits of the proposed transactions between First Mid
and Blackhawk will not be realized or will not be realized within
the expected time period; the risk that integration of the
operations of Blackhawk with First Mid will be materially delayed
or will be more costly or difficult than expected; the inability to
complete the proposed transactions due to the failure to satisfy
conditions to completion of the proposed transactions; the failure
of the proposed transactions to close for any other reason; the
effect of the announcement of the proposed transactions on customer
relationships and operating results; the possibility that the
proposed transactions may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
changes in interest rates; general economic conditions and those in
the market areas of First Mid and Blackhawk; legislative and/or
regulatory changes; monetary and fiscal policies of the U.S.
Government, including policies of the U.S. Treasury and the Federal
Reserve Board; the quality or composition of First Mid’s and
Blackhawk’s loan or investment portfolios and the valuation of
those investment portfolios; demand for loan products; deposit
flows; competition, demand for financial services in the market
areas of First Mid and Blackhawk; accounting principles, policies
and guidelines; and the impact of the global COVID-19 pandemic on
First Mid’s or Blackhawk’s businesses, the ability to complete the
proposed transactions or any of the other foregoing risks.
Additional information concerning First Mid, including additional
factors and risks that could materially affect First Mid’s
financial results, are included in First Mid’s filings with the
SEC, including its Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q. Forward-looking statements speak only as of
the date they are made. Except as required under the federal
securities laws or the rules and regulations of the SEC, we do not
undertake any obligation to update or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
Aaron HoltVP, Shareholder
Relations217-258-0463aholt@firstmid.com
Matt SmithChief Financial
Officer217-258-1528msmith@firstmid.com
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