First Mid-Illinois Bancshares, Inc. Completes Acquisition of First BancTrust Corporation
Update: The deal announced in December 2017 has been completed. Click on the article below to read more about this transaction.
- Globe Newswire (May 1, 2018)
December 14, 2017 - Globe Newswire
First Mid-Illinois Bancshares to Acquire First BancTrust Corporation
The Barack Ferrazzano Financial Institutions Group is acting as legal counsel to First BancTrust Corporation (OTCQX:FIRT) ("First Bank") in connection with the pending acquisition by First Mid-Illinois Bancshares, Inc ("First Mid"). First Mid will acquire all of the outstanding shares of First Bank, the holding company for First Bank & Trust.
First Bank is a $466 million asset financial services holding company headquartered in Champaign, Illinois. First Bank’s banking subsidiary, First Bank & Trust, is an Illinois-chartered bank and currently operates eight banking centers across three counties. As of September 30 2017, First Bank had total deposits and loans of approximately $378 million and $368 million, respectively.
Under the terms of the agreement, First Bank shareholders will receive 0.80 shares of First Mid common stock and $5.00 in cash for each share of First Bank common stock. The aggregate transaction value, based on First Mid’s closing price on December 8 2017, is approximately $73.8 million and following completion of the transaction, First Mid is expected to have approximately $3.3 billion in total assets.
The transaction has been approved by both First Bank and First Mid’s board of directors and is expected to close in mid-2018, subject to regulatory approvals, the approval of First Bank’s stockholders and the satisfaction of customary closing conditions. Matthew Carr, President of First Bank, will join First Mid in a leadership role after the closing of the acquisition.
Barack Ferrazzano’s team was led by John E. Freechack, along with Robert M. Fleetwood and Katherine Fritzi Getz. Executive compensation and benefits were handled by Andrew Strimaitis and K.C. Klagos.
To read more about the transaction, click here.
First BancTrust Corporation
First BancTrust Corporation, headquartered in Champaign, Illinois, is a bank holding company that serves the Champaign, Paris, Marshall, Rantoul, Martinsville and Savoy, Illinois communities through its wholly-owned commercial bank, First Bank & Trust, which has its main office in Paris, Illinois. The bank provides full-service commercial and consumer banking. First BancTrust Corporation common stock is traded on the OTCQX under the ticker symbol “FIRT”.
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, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to S&P Global Market Intelligence. 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 2018 report.