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First Mid-Illinois Bancshares prices common offering at $38 per share


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First Mid-Illinois Bancshares prices common offering at $38 per share

First Mid-Illinois Bancshares Inc. priced an underwritten public offering of 947,368 common shares at $38 each for gross proceeds of about $36 million.

The shares priced include the underwriters' option to purchase up to 15% more of the Mattoon, Ill.-based company's shares.

Net proceeds are expected to total about $34 million.

The company plans to use the proceeds for general corporate purposes, including additions to working capital, support of organic growth and financing of potential future acquisitions, including its just-announced planned acquisition of SCB Bancorp Inc., if it is completed.

The offering, which is subject to customary closing conditions, is expected to close on or about June 15.

FIG Partners LLC is acting as sole book-running manager for the offering, with Sandler O'Neill & Partners LP and D.A. Davidson & Co. as co-managers.