FIG Partners Served As Financial Advisor To First Mid-Illinois Bancshares In $90 Million Acquisition Of First Clover Leaf Financial

FIG Has Now Advised On 23 Whole Bank Transactions Nationwide
Totaling Over $1.7 Billion Since 2015

ATLANTA, April 27, 2016 — First Mid-Illinois Bancshares Inc., (NASDAQ: FMBH), has announced an agreement to acquire First Clover Leaf Financial Corp. (NASDAQ: FCLF).

First Mid-Illinois Bancshares Inc. (First Mid) will acquire all of the outstanding shares of First Clover Leaf Financial Corp. (First Clover Leaf) in a cash and stock transaction valued at $12.87 per share, or a total of approximately $90 million. 

FIG Served As Financial Advisor To First Mid-Illinois Bancshares In $90 Million Acquisition Of First Clover Leaf Financial Corp.With nearly $655 million in total assets, First Clover Leaf is the holding company for First Clover Leaf Bank and headquartered in Edwardsville, Illinois. First Clover Leaf Bank currently operates seven full service banking centers in Illinois and Missouri, with total deposits of approximately $533 million and $427 million in loans as of December 31, 2015.  

Under the terms of the agreement, shareholders of First Clover Leaf may elect to exchange each share of stock for either $12.87 in cash or .495 of a share of First Mid common stock, subject to certain potential adjustments. Overall elections are subject to proration such that 25 percent of the First Clover Leaf shares will be exchanged for cash and 75 percent for First Mid stock. The consideration represents a 34% premium to First Clover Leaf’s stock price as of the close of business on April 25, 2016. The transaction is expected to close by the fourth quarter of 2016.  

FIG Partners served as Financial Advisor to First Mid. The FIG team included Matthew Veneri, Managing Principal and Co-Head of Investment Banking, and Jason Werner, Vice President.

“The acquisition of First Clover Leaf Bank expands our presence in the attractive St. Louis metro east market area and for the first time, establishes a presence outside the state of Illinois,” said Joe Dively, First Mid Chairman and Chief Executive Officer. “We look forward to building on First Clover Leaf Bank’s legacy of long-standing relationships in their communities, while earning the trust and continued business of First Clover Leaf Bank customers.”

More information from First Mid is available here.