First Clover Leaf Financial to Merge with First Mid-Illinois Bancshares
The Barack Ferrazzano Financial Institutions Group, led by Robert M. Fleetwood, along with John E. Freechack and Abdul R. Mitha, acted as legal counsel for Edwardsville, Illinois based First Clover Leaf Financial Corp. (Nasdaq: FCLF), the holding company for First Clover Leaf Bank, NA in the merger with First Mid-Illinois Bancshares, Inc. (Nasdaq: FMBH), the holding company for First Mid-Illinois Bank & Trust, NA.
Under the terms of the deal, announced on April 26, 2016, First Clover Leaf Bank's seven full-service banking centers in Illinois and Missouri will be merged into First Mid-Illinois Bank & Trust. The pending merger is expected to result in a combined institution with assets of approximately $2.8 billion and 53 full-service locations in Illinois and Missouri. The transaction, valued at $90 million in cash/stock, is expected to be completed in the second half of 2016.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled over the past decade, with our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to SNL Financial. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2016 report.