First Mid-Illinois Bancshares

First Mid Bancshares, Inc. is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. The company, valued at $7.6 billion, offers a range of financial services including banking, insurance, wealth management, brokerage, and agricultural services. It operates a significant network of locations throughout Illinois, Missouri, Texas, and Wisconsin, and a loan production office in the greater Indianapolis area. First Mid has a long-standing history of serving its communities since 1865, taking pride in providing effective financial solutions.

First Mid Bancshares

In October 2020, first mid bancshares completed a $96 million public offering of Fixed-to-Floating Rate Subordinated Notes due 2030, initially bearing a 3.95% fixed rate for five years, and then a floating rate benchmarked to Three-Month Term SOFR plus 383 basis points. The notes, rated BBB by Kroll Bond Rating Agency, are redeemable from October 2025. Proceeds from this offering were used for the acquisition of LINCO Bancshares, Inc., and general corporate purposes.

The company’s stock is traded on NASDAQ under the symbol “FMBH.” As of November 5, 2024, the share price was $38.06, a decrease of 1.68% from the previous week. In December 2020, First Mid announced plans to optimise its branch network by closing and consolidating 10 branches in 2021 to address changing customer preferences toward digital banking and improve operational efficiencies.

First Mid Bancshares, Inc. traces its roots to 1865 when it was established as a community-focused financial institution in Illinois. Over the years, the organisation grew steadily, responding to the needs of local communities by expanding its range of financial services. Initially focused on traditional banking, the company expanded its offerings to include wealth management, insurance, and agricultural services.

In 1981, the company underwent significant restructuring and rebranding, forming First Mid-Illinois Bancshares, Inc. This change marked the beginning of a phase of substantial growth, during which the company acquired several smaller banks in the region. The acquisitions were part of a strategic effort to expand its footprint and service capabilities.

The 1990s and early 2000s were characterised by further acquisitions and expansions, solidifying First Mid’s presence in Illinois and neighbouring states. In 2015, the company acquired 12 former Old National Bank branches, which greatly enhanced its presence in central and southern Illinois. This was followed by the acquisition of First Clover Leaf Financial Corp. in 2016, which expanded its market into the St. Louis metropolitan area.

A significant milestone came in 2018 when First Mid completed the acquisition of SCB Bancorp, Inc., which added more assets and strengthened its position in the Illinois market. The company continued to grow, acquiring Providence Bank in 2020, extending its reach into Missouri and providing a broader network for its clients.

On October 6, 2020, First Mid Bancshares closed a $96 million public offering of Fixed-to-Floating Rate Subordinated Notes due in 2030. This capital was used partly to fund the acquisition of LINCO Bancshares, Inc. and for general corporate purposes. This acquisition was aimed at expanding the company's market presence and operational scale.

In 2021, First Mid undertook efforts to streamline its operations by announcing the consolidation of 10 branches to align with shifting customer preferences toward digital banking. This move was expected to save approximately $1 million annually starting in 2022.

As of 2024, First Mid Bancshares, Inc. is a $7.6 billion organisation offering a comprehensive range of financial services, including banking, wealth management, insurance, and agricultural services. It operates through a significant network in Illinois, Missouri, Texas, Wisconsin, and a loan production office in the greater Indianapolis area. The company's stock is traded on NASDAQ under the ticker symbol “FMBH,” and it continues to adapt and grow in response to economic challenges and changing customer needs. The company maintains a strong commitment to serving its communities, a tradition it has upheld since its founding in 1865.

First Mid Bancshares, Inc. aims to provide comprehensive financial solutions that support the needs of individuals, businesses, and communities. Its mission is to deliver a range of reliable banking, insurance, wealth management, and agricultural services that contribute to the economic growth of the areas it serves. The organisation is committed to maintaining trust and building long-term relationships by focusing on quality service, customer care, and sound financial practices. First Mid's approach is rooted in understanding the local community's needs and responding with personalised and effective financial services that have been its cornerstone since 1865.

First Mid Bancshares, Inc. envisions being a trusted financial partner for its communities, recognised for its customer-first approach and comprehensive range of financial services. The company aspires to grow responsibly while staying true to its community-focused origins. First Mid aims to enhance its presence and expand its services to meet evolving financial needs, embracing innovation and technology to serve better. The organisation seeks to build lasting relationships by offering reliable and transparent solutions that help customers achieve financial stability and success, continuing its long-standing tradition of community service and financial stewardship.

It has been acknowledged for its strong commitment to customer service and community engagement. The company has been included in the American Banker list of “Top 200 Community Banks” multiple times, showcasing its financial strength and stability. Additionally, First Mid’s leadership team has received praise for its effective management and strategic growth efforts. These awards reflect the company’s dedication to maintaining trust and delivering high-quality financial services that meet the needs of its customers and the communities it serves.

First Mid Bancshares, Inc. offers a broad range of financial products and services aimed at meeting the varied needs of its customers, including individuals, businesses, and agricultural clients. Through its subsidiaries, which include First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co., the company provides a full suite of financial solutions across multiple regions, including Illinois, Missouri, Texas, Wisconsin, and Indiana.

Banking Services: First Mid Bank & Trust, N.A. delivers traditional banking services tailored to personal and business customers. For personal banking, the company offers savings and current accounts, certificates of deposit (CDs), and money market accounts. Customers also have access to personal loans, including auto loans and home equity loans, as well as mortgage lending for homebuyers. The bank’s digital banking platform allows customers to conduct transactions, manage accounts, and access services online and through mobile applications.

For businesses, First Mid provides commercial banking services, including business checking and savings accounts, treasury management solutions, and merchant services. The bank supports small to large businesses with tailored financing solutions such as lines of credit, equipment financing, and commercial real estate loans.

Wealth Management Services: First Mid Wealth Management Co. offers comprehensive wealth management and financial planning services to help clients manage, grow, and protect their assets. Services include investment management, retirement planning, trust and estate services, and financial advisory. The company’s wealth management team works closely with individuals and families to create customised strategies for financial growth and security, considering long-term goals and market conditions.

Brokerage Services: Through its brokerage services, First Mid enables clients to invest in various financial instruments such as stocks, bonds, mutual funds, and other investment vehicles. The company offers professional guidance to clients looking to build and diversify their investment portfolios. This service is designed for those who seek expert support in navigating investment options and managing risks.

Insurance Services: First Mid Insurance Group, Inc. provides an extensive range of insurance products to meet personal and commercial insurance needs. For individuals, this includes auto, home, health, and life insurance policies. The insurance group also caters to businesses by offering commercial insurance solutions such as property and liability coverage, workers’ compensation, and business interruption insurance. These services are intended to safeguard clients against potential financial losses due to unforeseen circumstances.

Agricultural Services: Recognising the importance of agriculture in its service areas, First Mid offers specialised banking services for farmers and agribusinesses. This includes agricultural loans, lines of credit, and equipment financing that are structured to support seasonal needs and long-term growth. The bank understands the challenges faced by the agricultural sector and provides tailored financial solutions to help farmers manage cash flow, expand operations, and invest in new technology.

Digital Banking Solutions: First Mid has developed digital banking solutions that allow customers to manage their finances efficiently. These include online banking, mobile banking apps, and electronic fund transfers. Services like bill payment, mobile cheque deposits, and balance tracking make banking more convenient for customers who prefer digital access.

Specialised Lending and Financial Solutions: First Mid also offers tailored lending services such as personal loans, mortgages, and business financing. The bank provides financial solutions for projects and expansions, supporting local economic growth. Commercial clients benefit from expertise in areas like equipment financing and tailored loan packages.

FirstMidIL

The company's digital presence, represented by FirstMidIL, underscores its commitment to providing online and mobile services that cater to modern customer needs. The digital platforms allow for seamless access to banking, insurance, and wealth management services, aligning with the company's focus on innovation and convenience.