First Mid Bancshares, Inc. Announces Acquisition of Evergreen Bancshares, Inc.
Key Highlights
- ➤$70.7 million stock-and-cash acquisition of Evergreen Bancshares announced
- ➤First Mid (FMBH) offers 0.4081 shares plus $5.20 cash per Evergreen share
- ➤2028 EPS accretion estimated at approximately 5.0%, including $10 billion threshold impact
- ➤Cost savings targeted at 33% of Evergreen noninterest expense plus $0.9 million annually
- ➤Transaction expected to close Q1 2027, with bank merger and systems conversion in Q2
Expert Statements
Matthew Smith, President and Chief Executive Officer of First Mid Bancshares
“We are excited to welcome American Bank of Freedom’s employees, customers and shareholders to First Mid”
Matthew Smith, President and Chief Executive Officer of First Mid Bancshares
“We have known the organization and its leadership for many years, and we are honored to have been selected as their strategic partner.”
Matthew Smith, President and Chief Executive Officer of First Mid Bancshares
“This transaction strengthens our presence in St. Louis and along the I-70 corridor, expands our Illinois franchise through Rochester, and establishes a full-service banking presence in the greater Indianapolis market.”
Matthew Smith, President and Chief Executive Officer of First Mid Bancshares
“American Bank of Freedom has a long history of relationship-driven community banking and a strong commitment to its customers and communities, which aligns well with First Mid.”
Matthew Smith, President and Chief Executive Officer of First Mid Bancshares
“This is also an important step for First Mid as we continue to build scale and prepare our organization for growth above $10 billion in assets.”
Matthew Smith, President and Chief Executive Officer of First Mid Bancshares
“We have made significant investments in our people, technology, risk management and operating infrastructure, and we believe the additional earnings and synergies from this transaction more than offset the incremental financial impact of operating above the $10 billion threshold while positively positioning First Mid for future opportunities.”
Timothy Nash, President and Chief Executive Officer of American Bank of Freedom
“We are pleased to partner with an organization that shares our commitment to community banking and strong customer relationships.”
Timothy Nash, President and Chief Executive Officer of American Bank of Freedom
“First Mid brings additional scale, capabilities and resources while maintaining the community-focused approach that has been important to American Bank of Freedom throughout our history.”
Timothy Nash, President and Chief Executive Officer of American Bank of Freedom
“We believe this combination will create additional opportunities for our customers, employees and communities.”
MATTOON, Ill. and WELLSVILLE, Mo., Oct. 29, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid”) and Evergreen Bancshares, Inc. (“Evergreen”), the parent company of American Bank of Freedom, announced the execution of a definitive agreement dated October 28, 2026 under which Evergreen will merge with First Mid in a stock and cash transaction, strengthening First Mid’s presence in St. Louis and along the I-70 corridor, expanding its Illinois franchise through Rochester, and establishing a full-service banking presence in the greater Indianapolis market.
American Bank of Freedom is headquartered in Wellsville, Missouri and operates 10 banking centers, including locations throughout the St. Louis metropolitan area and I-70 corridor, as well as banking centers in Rochester, Illinois and Westfield, Indiana. American Bank of Freedom also operates a loan production office in the Denver, Colorado area. As of September 30, 2026, American Bank of Freedom had approximately $932 million in total assets, $712 million in loans and $727 million in deposits. American Bank of Freedom traces its roots to 1880 and has a long history of relationship-driven community banking.
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