First Mid-Illinois Bancshares announced that the acquisition of SCB Bancorp (Soy Capital), which includes Soy Capital Bank and Trust and its wholly owned subsidiary, J.L. Hubbard Insurance and Bonds, has been completed.
First Mid-Illinois Bancshares has completes the acquisition of SCB Bancorp. Photo: courtesy of rawpixel / Unsplash.
The acquisition represents approximately $458 million in total assets, $341 million in deposits and $254m in loans through ten banking centers in Illinois.
There are no immediate changes for Soy Capital customers. The conversion of accounts from Soy Capital Bank and Trust to First Mid is expected to happen in the second quarter of next year. Customers will receive information well in advance of any changes that may affect them.
First Mid chairman and CEO Joe Dively said: “We are very excited to expand our insurance, wealth management and ag services divisions while strengthening our community banking franchise with a company that has a long history of delivering excellent service to its customers.
“We look forward to maintaining strong relationships and involvement in these communities.”
With the completion of this acquisition, First Mid has approximately $3.8 billion in total assets. In addition, First Mid operates a wealth and ag management business with approximately $4.0 billion in assets under management and an insurance business with approximately $14.0 million in annual revenue. First Mid has a long history of successfully acquiring and integrating businesses.
First Mid-Illinois Bancshares, Inc. is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group and First Mid Wealth Management Company.
First Mid Bank & Trust was first chartered in 1865 and has since grown into a $3.8 billion community-focused organization that provides financial services through a network of 67 banking centers in Illinois and Missouri and a loan production office in Indiana.
Source: Company Press Release