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.