---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-001784"
form_type: "8-K"
ticker: "FMBH"
cik: "0000700565"
company_name: "FIRST MID BANCSHARES, INC."
filed_at: "2023-03-21T23:59:59+00:00"
generated_at: "2026-06-17T22:38:06.424312+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-23-001784
- form_type: 8-K
- ticker: FMBH
- cik: 0000700565
- company_name: FIRST MID BANCSHARES, INC.
- filed_at: 2023-03-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/700565/000117184323001784/0001171843-23-001784-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/700565/000117184323001784/f8k_032123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-001784
- JSON: https://secwatch.observer/filing/0001171843-23-001784.json
- Plain text: https://secwatch.observer/filing/0001171843-23-001784.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/700565/000117184323001784/0001171843-23-001784-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.