First Mid-Illinois Bancshares Inc. in Mattoon said Tuesday that it would raise up to $25 million in capital through a private placement of preferred stock.

The $1.47 billion-asset company plans to sell noncumulative perpetual convertible preferred stock to "certain eligible purchasers," according to a filing with the Securities and Exchange Commission.

The offering is expected to close early next year. The company could use net proceeds to reduce or refinance debt, support lending, acquisitions or repurchasing common stock, the filing said.

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