First Mid-Illinois Bancshares in Mattoon has agreed to buy First BancTrust in Champaign, Ill.
The $2.8 billion-asset First Mid-Illinois said in a press release Monday that it will pay $73.8 million in cash and stock for the $466 million-asset parent of First Bank & Trust. The deal is expected to close in mid-2018.
First Bank has $378 million in deposits and $368 million in loans. Matthew Carr, First Bank’s president, will join First Mid-Illinois in a leadership role after the deal is completed.
The acquisition “deepens our presence in the attractive Champaign-Urbana market and provides expanded opportunities in adjacent counties,” Joe Dively, First Mid-Illinois’ chairman and CEO, said in the release. First Bank “has a long history of providing excellent service with a community-minded focus and the merged organizations will be even stronger.”
First Bank will be First Mid-Illinois’ fourth acquisition over the last three years.
FIG Partners and Schiff Hardin advised First Mid-Illinois. D.A. Davidson and Barack Ferrazzano Kirschbaum & Nagelberg advised First Bank.