First Mid-Illinois Bancshares Inc. in Mattoon is raising capital through a private placement to be opportunistic. The $1.5 billion-asset company said Friday that it had subscriptions for $27.5 million of convertible preferred stock from investors, directors, executives, major customers and existing shareholders.

As of Feb. 11, First Mid-Illinois had issued $11 million of the preferred stock, which carries an 8% annual dividend. The remaining $16.5 million in stock is awaiting regulatory approval.

The stock was priced at $5,000 per share, the company said in a regulatory filing with the Securities and Exchange Commission. In January, First Mid-Illinois Chairman and Chief Executive William Rowland said the private placements would strengthen ratios and position the company to respond to opportunities. At Dec. 31 First Mid-Illinois' total risk-based capital ratio was 12.84%.

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