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First Mid-Illinois, First BancTrust reach deal in merger-related suit

First Mid-Illinois Bancshares Inc. and First BancTrust Corp. have released supplemental merger-related disclosures, following allegations they failed to disclose material information about their deal.

In exchange, the plaintiff in the lawsuit that sought to block the transaction has agreed to withdraw and dismiss his claims with prejudice. The Illinois-based banks said they agreed to the disclosures in order to reduce the burden and uncertainty of litigation.

Their merger, valued at $73.8 million in December 2017, has already secured Federal Reserve approval.