First Mid-Illinois Bancshares in Mattoon has agreed to buy First Clover Leaf Financial in Edwardsville, Ill.

The $2.1 billion-asset First Mid-Illinois said in a press release Tuesday that it will pay about $90 million, or $12.87 a share, in cash and stock for the $654 million-asset First Clover.

The deal is expected to close in the fourth quarter.

Raymond James and Barack Ferrazzano Kirschbaum & Nagelberg advised First Clover. FIG Partners and Schiff Hardin advised First Mid-Illinois.

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