Financial Advisor
First Mid Bancshares, Inc.
M&A Advisory
Has Agreed To Acquire
Transaction Details
On October 29, 2026, First Mid Bancshares, Inc. (“First Mid”) and Evergreen Bancshares, Inc. (“Evergreen”), the parent company of American Bank of Freedom, announced the execution of a definitive agreement.
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.
Under the terms of the agreement, Evergreen shareholders will receive 0.4081 shares of First Mid common stock plus $5.20 in cash for each share of Evergreen common stock, valuing the transaction at approximately $70.7 million, based on First Mid’s closing stock price on October 27, 2026.
The transaction has been unanimously approved by each company’s board of directors and is expected to close in the first quarter of 2027, subject to regulatory approvals, the approval of Evergreen’s shareholders and the satisfaction of customary closing conditions.
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Sources: First Mid Press Release, First Mid Investor Presentation, and S&P Global Market Intelligence.
Note: Evergreen’s Denver, CO loan production office is excluded from the branch count and is not reflected on the map.
(1) Based on First Mid closing price of $51.01 on October 27, 2026 and 2,719,161 Evergreen shares outstanding.
(2) Bank-level regulatory data as of, or for the three months ended September 30, 2026.This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request.
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