Bank / Credit Union

First Mid Bancshares to acquire LINCO Bancshares

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September 29, 2020

Illinois-based First Mid Bancshares will add 77 locations to its portfolio as part of its parent, First Mid Bank & Trust's acquisition of Missouri-based LINCO Bancshares, a privately-held holding company for Providence Bank, according to a report in the Herald & Review.

Publicly traded First Mid Bancshares has been steadily expanding in Central Illinois since it was incorporated in September 1981.

Under the agreement, Providence Bank will become part of First Mid Bancshares Inc. and pay shareholders $116.5 million in cash and 1.26 million shares in the parent company, according to a statement. One board member from LINCO will be added to the First Mid board of directors.

Providence has about $1.2 billion in assets and total deposits of $739.8 million. First Mid Bancshares has $4.1 billion in assets and approximately $3.4 billion in deposits.

A filing with the Securities and Exchange Commission said the boards of directors from both companies approved the agreement and it just awaits regulatory approval. The deal is expected to close in the first quarter of 2021.