Blackhawk Bank merging with First Mid Bancshares, Inc.
BELOIT, Wis. (WIFR) - Customers with a stateline-area bank should prepare for big changes as the company announces plans for a merger.
First Mid Bancshares, Inc., based in Mattoon, Ill., announced Tuesday it acquired Blackhawk Bancorp, Inc. for approximately $90.3 million. Each company’s board of directors unanimously approved the transaction and the deal is expected to close in the second half of 2023.
“Our communities, customers, employees and shareholders will benefit from access to a larger banking organization offering larger loan limits and a broader array of services, including wealth management, trust, insurance and agricultural services,” said Todd James, chairman, president and CEO of Blackhawk Bancorp, Inc. in a news release Tuesday.
Blackhawk Bank was established in Beloit, Wis. 1881, expanding into northern Illinois in 1996. The banking company currently operates 10 full-service banking centers in Beloit and Janesville, Wis. and in Rockford, Belvidere, Machesney Park, Roscoe, McHenry and St. Charles.
“Blackhawk has a long history of providing excellent service with a community-minded focus that aligns very well with First Mid’s philosophy,” Joe Dively, chairman and CEO of First Mid, said. “We look forward to welcoming Blackhawk’s shareholders, employees and customers to the First Mid team.”
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