MCLEAN COUNTY CHAMBER OF COMMERCE: First Mid-Illinois Bancshares, Inc. Completes Acquisition of SCB Bancorp, Inc.
McLean County Chamber of Commerce issued the following announcement on Nov. 19.
First Mid-Illinois Bancshares, Inc. (NASDAQ: FMBH) ("First Mid" or the "Company") announced today that the acquisition of SCB Bancorp, Inc. ("Soy Capital"), which includes Soy Capital Bank and Trust and its wholly owned subsidiary, J.L. Hubbard Insurance and Bonds, has been completed.
The acquisition represents approximately $458 million in total assets, $341 million in deposits and $254 million in loans through ten banking centers in Illinois.
There are no immediate changes for Soy Capital customers. The conversion of accounts from Soy Capital Bank and Trust to First Mid is expected to happen in the second quarter of next year. Customers will receive information well in advance of any changes that may affect them.
"We are very excited to expand our insurance, wealth management and ag services divisions while strengthening our community banking franchise with a company that has a long history of delivering excellent service to its customers," said Joe Dively, First Mid Chairman and Chief Executive Officer. "We look forward to maintaining strong relationships and involvement in these communities."
With the completion of this acquisition, First Mid has approximately $3.8 billion in total assets. In addition, First Mid operates a wealth and ag management business with approximately $4.0 billion in assets under management and an insurance business with approximately $14.0 million in annual revenue. First Mid has a long history of successfully acquiring and integrating businesses.
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