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First Mid-Illinois deal for First BancTrust includes $2.2M termination fee

First Mid-Illinois Bancshares Inc.'s merger agreement with First BancTrust Corp. includes a $2.2 million termination fee, payable by First BancTrust under certain circumstances.

Should the Illinois banks complete their deal, operating synergies are pegged at 28%. The transaction is projected to be accretive to EPS in the first full year. Tangible book value dilution is expected to be minimal and earned back in less than 2 years.

First Mid-Illinois also expects to record $7.6 million in merger-related costs, pretax.