GlobeNewswire·Oct 30, 2025, 8:00 AM ET

First Mid Bancshares, Inc. Announces Acquisition of Two Rivers Financial Group, Inc.

FMBH TRVR

First Mid Bancshares, Inc. (NASDAQ: FMBH) & Two Rivers Financial Group, Inc. (OTCQX: TRVR) signed a definitive merger agreement on October 29, 2025, with Two Rivers merging into First Mid via a 100% stock transaction.
Two Rivers, headquartered in Burlington, Iowa, operates 14 branches & held $1.1 billion in total assets, $901 million in loans, $988 million in deposits, & $1.2 billion in trust assets as of September 30, 2025.
Under the deal, First Mid will acquire 100% of Two Rivers shares, paying 1.225 shares of FMBH stock for every TRVR share, resulting in an aggregate consideration of approximately $94.1 million based on an October 28, 2025, FMBH price of $36.80.
The transaction is projected to be 12.3% accretive to earnings per share in 2027, with tangible book value per share dilution expected to be recovered in 2.1 years.
First Mid anticipates cost savings of 27% of Two Rivers' noninterest expense & expects a pro forma CET1 ratio of approximately 12.8%, while revenue synergies remain excluded from current estimates.
Shane Zimmerman, CEO & President of Two Rivers Bank & Trust, will join First Mid as Executive Vice President & Divisional President following the merger.
Both companies' boards unanimously approved the transaction, which is expected to close in the first quarter of 2026 subject to regulatory approvals, shareholder consent, & other customary conditions.
Advisors for the transaction include D.A. Davidson & Co. & Barack Ferrazzano Kirschbaum & Nagelberg LLP for Two Rivers, & Keefe, Bruyette & Woods, Inc. & ArentFox Schiff LLP for First Mid.