First Mid Bancshares to acquire Two Rivers Financial in stock deal valued ~$94M

FIRST MID BANCSHARES, INC.

First Mid (FMBH) to acquire 100% of Two Rivers (TRVR) in all-stock merger; shareholders get 1.225 FMBH shares per TRVR share.
Aggregate consideration ~$94.1M; transaction estimated 12.3% accretive to EPS in 2027; tangible book dilution earned back in 2.1 years.
Two Rivers has $1.1B assets, $901M loans, $988M deposits, and $1.2B trust/wealth AUM as of Sept 30, 2025; operates 14 Iowa branches.
Expected Q1 2026 close, subject to regulatory and Two Rivers shareholder approvals; cost savings ~27% of Two Rivers noninterest expense.
Shane Zimmerman, Two Rivers Bank CEO, to join First Mid as EVP and Divisional President.

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