First Mid Bancshares, Inc. Completes Acquisition of LINCO Bancshares, Inc.

MATTOON, Ill., Feb. 22, 2021 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid” or the “Company”) announced today that the acquisition of LINCO Bancshares, Inc. (“Providence”), which includes Providence Bank, has been completed.

As of December 31, 2020, Providence had approximately $1.1 billion in total assets, $895 million in deposits and $863 million in loans through 14 locations in Missouri, Texas, and Indiana. With the completion of this acquisition, First Mid has approximately $5.7 billion in total assets.

There are no immediate changes for Providence customers. The conversion of accounts from Providence Bank is expected to happen in the second quarter of this year. Customers will receive information well in advance of any changes that may affect them.

“We welcome Providence’s customers and employees to First Mid and are excited to provide additional services to these communities where Providence has built strong relationships,” said Joe Dively, First Mid Chairman and Chief Executive Officer. “We have worked closely with the Providence team over the last few months to ensure a smooth transition.”

In conjunction with the closing today, Kit Stolen, President and CEO of Providence Bank has announced his retirement, effectively immediately. “It is with great confidence that I can turn the leadership of Providence Bank over to Joe Dively and his dedicated team at First Mid,” said Stolen. “I have been blessed to finish my career at Providence Bank/Premier Bank Texas where I have worked with talented colleagues, enjoyed the company of successful clients, lived in an inviting community, and have had the pleasure of being employed by the Laurie family. My wife, Jill, and I are thankful for this opportunity.”

About First Mid Bancshares, Inc.: First Mid Bancshares, Inc. is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group and First Mid Wealth Management Company. First Mid Bank & Trust was first chartered in 1865 and has since grown into a $5.7 billion community-focused organization that provides financial services through a network of banking centers in Illinois and Missouri and a loan production office in Indiana. More information about the Company is available on our website at www.firstmid.com. Our stock is traded in The NASDAQ Stock Market LLC under the ticker symbol “FMBH”.