First Mid declares dividend as it prepares for purchase of First BancTrust
The board of First Mid-Illinois Bancshares Inc. has declared a special pro-rated dividend in preparation for the expected closing of the acquisition of First BancTrust Corp. by First Mid, which is expected to be May 1.
The dividend of 29 cents per share will be payable on April 30 to shareholders of record as of April 23.
The dividend is being paid in order to align First Mid and First Bank’s respective dividend policies ahead of closing.
The merger agreement requires that First Mid and First Bank coordinate the declaration of their respective dividends so that the holders of First Bank common stock do not receive two dividends, or fail to receive one dividend, in connection with the merger.
It is anticipated that the next dividend shareholders of First Mid will receive (including First Bank shareholders as shareholders of First Mid, assuming the closing of the merger) will be a pro-rated portion of First Mid’s semi-annual dividend that will be payable in early June 2018 (for the period between the record date of the special dividend announced today and the record date for the semi-annual dividend payable in early June 2018).
About First Mid-Illinois Bancshares Inc.
First Mid-Illinois Bancshares is the parent company of First Mid-Illinois Bank & Trust, N.A., Mid-Illinois Data Services Inc., and First Mid Insurance Group. First Mid-Illinois Bancshares, Inc. is a $2.8 billion community-focused organization that provides financial services through a network of 52 banking centers in 37 Illinois and Missouri communities.
