•May 4, 2016•

First Mid-Illinois Bancshares, Inc. (NASDAQ: FMBH) (“First Mid”) announced today the execution of a definitive agreement under which First Mid will acquire all of the outstanding shares of First Clover Leaf Financial Corp. (NASDAQ: FCLF) (“First Clover Leaf”) in a cash and stock transaction valued at $12.87 per share, or a total of approximately $90 million.

Under the terms of the agreement, First Clover Leaf’s stockholders may elect to exchange each share of First Clover Leaf common stock for either $12.87 in cash or .495 of a share of First Mid common stock, subject to certain potential adjustments. Overall elections are subject to proration such that 25 percent of the First Clover Leaf shares will be exchanged for cash and 75 percent for First Mid stock. The stock portion of the transaction is intended to be tax-free to stockholders. The consideration represents a 34% premium to First Clover Leaf’s stock price as of the close of business on April 25, 2016.     Login or Subscribe to read the rest of this story.