First Mid Bancshares to acquire Blackhawk Bancorp in ~$90.3M stock deal

FIRST MID BANCSHARES, INC.

First Mid acquires Blackhawk in 100% stock transaction; Blackhawk shareholders receive 1.15 FMBH shares per BHWB share.
Aggregate consideration ~$90.3M based on FMBH close of $27.13 on March 20, 2023.
Deal expected to be ~22% accretive to 2024 EPS (excl. nonrecurring items); TBV dilution earnback in 1.9 years.
Blackhawk had $1.32B assets, $782M loans, $1.19B deposits at 12/31/2022; ~31% cost savings targeted.
Pro forma company ~$8.1B; closing expected H2 2023 subject to regulatory and Blackhawk shareholder approval.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST MID BANCSHARES, INC. entered into Agreement and Plan of Merger with Blackhawk Bancorp, Inc. valued at approximately 3,330,176 shares of First Mid common stock (effective 2023-03-21).

Action: entry
Agreement: merger
Counterparty: Blackhawk Bancorp, Inc.
Value: approximately 3,330,176 shares of First Mid common stock
Effective: 2023-03-21

Exact text from the filing

On March 21, 2023, First Mid Bancshares, Inc. (“First Mid”) and Eagle Sub LLC, a newly formed Wisconsin limited liability company and wholly-owned subsidiary of First Mid (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Blackhawk Bancorp, Inc., a Wisconsin corporation (“Blackhawk”), pursuant to which, among other things, First Mid agreed to acquire 100% of the issued and outstanding shares of Blackhawk pursuant to a business combination whereby Blackhawk will merge with and into Merger Sub, whereupon the separate corporate existence of Blackhawk will cease and Merger Sub will continue as the surviving company and a wholly-owned subsidiary of First Mid (the “Merger”).

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FIRST MID BANCSHARES, INC. filing history →

Source: SEC EDGAR

accession 0001171843-23-001784

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