30 Oct 2025

"Two Rivers Financial Group to Merge with First Mid Bancshares in $94.1 Million Stock Transaction"

"Two Rivers Financial Group, Inc., the parent company of Two Rivers Bank & Trust, has entered into a definitive agreement to merge with First Mid Bancshares, Inc. in a 100% stock transaction valued at approximately $94.1 million. The merger will expand First Mid's presence into key Iowa markets. Two Rivers shareholders will receive 1.225 shares of First Mid common stock for each share of Two Rivers common stock. The transaction, approved by both companies' boards, is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals."

The Barack Ferrazzano Financial Institutions Group served as legal counsel to Two Rivers Financial Group, Inc. (“Two Rivers”), the parent company of Two Rivers Bank & Trust, in connection with its merger with First Mid Bancshares, Inc. (“First Mid”). The transaction involves First Mid acquiring 100% of the outstanding shares of Two Rivers in a 100% stock transaction. Two Rivers shareholders will receive 1.225 shares of FMBH common stock for each share of TRVR common stock. Based on First Mid’s price per share of $36.80 at market close on October 28, 2025, the aggregate consideration is approximately $94.1 million, subject to certain conditions and adjustments. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals and other customary closing conditions. The legal team from Barack Ferrazzano was led by Financial Institutions Group partner Abdul R. Mitha, with assistance from associate Camryn C. Dreyer. Executive compensation and benefit matters were handled by partner Michael J. Poland and associate Alex Freund. Tax matters were managed by partners Michael J. Towne and Megan E. Toal.
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