The board of First Mid-Illinois Bancshares Inc. is proposing an increase in the company's number of authorized common shares, to allow flexibility in financing and capital raising opportunities, as well as future stock splits or acquisitions.
The Mattoon, Ill.-based company has 18.0 million authorized common shares, of which 12,673,998 shares were outstanding and 128,828 shares were reserved for issuance under stock incentive plans as of Feb. 1. The board wants the 18.0 million increased to 30.0 million, with 600,000 of the additional shares reserved for the employee stock purchase plan and 1,662,840 shares for issuance in the First BancTrust Corp. acquisition.
Shareholders will vote on the proposal at the April 25 annual meeting.
First Mid-Illinois additionally disclosed that William Rowland is retiring from the board at the annual meeting, having reached the mandatory retirement age of 70. After Rowland's retirement, the company will have eight directors on the board.