FIG Has Now Completed 104 M&A Transactions Totaling
$6.1 Billion In Transaction Value
ATLANTA, June 12, 2018 — First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) has announced an agreement to acquire all the outstanding shares of SCB Bancorp, Inc.
SCB Bancorp (SCB) is the holding company for Soy Capital Bank and its wholly owned subsidiary, J.L. Hubbard Insurance and Bonds.
Under the terms of the agreement, SCB shareholders can exchange each share of SCB common stock for either 8.0228 shares of First Mid-Illinois Bancshares (First Mid) common stock or $307.93 in cash, subject to proration.
Based on First Mid’s 10-day volume weighted average price through June 8 of $38.38 per share, the aggregate amount paid by First Mid is approximately $70.4 million.
SCB is a $437 million asset financial services holding company headquartered in Decatur, Illinois. Soy Capital Bank has 10 branch locations and provides full banking services. J.L. Hubbard is the largest community bank owned insurance company in the state of Illinois, with gross revenues of approximately $10.1 million in 2017. The agricultural services division is the largest farm manager in Illinois with 248,000 acres of farmland under management across 11 states. It also provides farmland brokerage and appraisal services.
“The acquisition of SCB strengthens First Mid’s commitment to community banking and further enhances our various lines of business providing an attractive loan and deposit portfolio and a significant increase in non-interest income through services that we are very familiar with,” said Joe Dively, Chairman and Chief Executive Officer of First Mid. “SCB has a long history of delivering excellent service with a community-minded focus and an unmatched diversity of revenue. All three of First Mid’s lines of business, the bank, insurance and wealth and farm management, align perfectly with SCB’s franchise.”
The FIG team included Matthew Veneri, Managing Principal and Co-Head of Investment Banking and Jason Werner, Vice President.