Overview
The Barack Ferrazzano Financial Institutions Group served as legal counsel to Two Rivers Financial Group, Inc. (“Two Rivers”) (OTCQX: TRVR), the parent company of Two Rivers Bank & Trust, in connection with its definitive agreement to merge with First Mid Bancshares, Inc. (“First Mid”) (NASDAQ: FMBH) in a 100% stock transaction expanding First Mid’s footprint into key Iowa markets.
Under the terms of the agreement, First Mid will acquire 100% of the outstanding shares of Two Rivers, and Two Rivers shareholders will receive 1.225 shares of FMBH common stock for each share of TRVR common stock. Based on First Mid’s price per share of $36.80 at market close on October 28, 2025, the aggregate consideration to be paid by First Mid is approximately $94.1 million, subject to certain conditions and adjustments. The boards of directors of both companies have unanimously approved the transaction, which is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals and other customary closing conditions.
“We are pleased to announce that we are entering into a merger with an organization that not only brings strong financial performance and scale, but one that also shares our deep commitment to community banking. Partnering with First Mid aligns with our core values and will position us to serve our customers even more effectively,” Frank Delaney, Chairman and Interim CEO, Two River Financial Group.
Barack Ferrazzano’s legal team was led by Financial Institutions Group partner Abdul R. Mitha with assistance from associate Camryn C. Dreyer. Executive compensation and benefit matters were handled by partner Michael J. Poland and associate Alex Freund. Tax matters were handled by partners Michael J. Towne and Megan E. Toal.
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