First Mid-Illinois Bancshares in Mattoon plans to sell about $29.3 million in common stock in a private placement.

The $1.6 billion-asset company said it had reached agreements with institutional investors, company directors and other investors to sell about 1.4 million shares of its common stock at $21 each. The stock has a par value of $4 per share. The offering will close on Friday.

First Mid-Illinois plans to use the capital to support its recent purchase of 12 branch locations in Southern Illinois from Old National Bancorp and for general corporate purposes.

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