First Mid Bancshares agreed on 28 October 2026, and announced the next day, to acquire Evergreen Bancshares, the parent of American Bank of Freedom, for about US$70.7m in stock and cash.
Why First Mid Bancshares, Inc. is buying Evergreen Bancshares, Inc. (American Bank of Freedom)
The deal deepens First Mid's presence in St Louis and along the I-70 corridor, adds a full-service presence in Indianapolis and, the company said, better positions it to move past the US$10bn asset threshold. First Mid targets cost savings of about 33% of Evergreen's non-interest expense.
Deal terms and financing
Evergreen holders receive 0.4081 First Mid shares and US$5.20 in cash per share. First Mid expects about 5.0% accretion to 2028 earnings per share and about 0.5% dilution to tangible book value per share. One report put the price at 110% of Evergreen's tangible book value.
Regulatory approvals and timing
Both boards have approved the merger. Completion requires regulatory approvals and Evergreen shareholder approval and is expected in the first quarter of 2027, with the bank merger and systems conversion in the second quarter.
Market context
American Bank of Freedom traces its roots to 1880 and has ten banking centres in Missouri, Illinois and Indiana plus a loan production office near Denver. First Mid, based in Mattoon, Illinois, has about US$9.4bn of assets.
