First Mid Bancshares to Acquire Two Rivers Financial Group in $94.1 Million All-Stock Deal

First Mid Bancshares, Inc. (NASDAQ: FMBH) has entered into a definitive agreement to acquire Two Rivers Financial Group, Inc. (OTCQX: TRVR), the parent company of Two Rivers Bank & Trust, in an all-stock transaction valued at approximately $94.1 million. The acquisition will expand First Mid’s presence into Central and southeastern Iowa.

Transaction Details

Under the terms of the agreement, Two Rivers shareholders will receive 1.225 shares of FMBH common stock for each share of TRVR common stock. This valuation is based on First Mid’s closing price of $36.80 per share on October 28, 2025, as reported in multiple sources including First Mid Bancshares’ press release and the Business Record.

Strategic Rationale

The merger, unanimously approved by both boards of directors, is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals, and other customary closing conditions. Joseph R. Dively, chairman and CEO of First Mid, stated that the partnership represents “an exciting step forward” for the organization, demonstrating a commitment to growth and geographic diversification (Business Record).

About the Companies

First Mid Bancshares, Inc. Is a financial holding company based in Mattoon, Illinois. Two Rivers Financial Group, Inc., headquartered in Burlington, Iowa, is the parent company of Two Rivers Bank & Trust. Barack Ferrazzano served as legal counsel to Two Rivers Financial Group in the transaction.

Frank Delaney’s Perspective

Frank Delaney, Chairman and Interim CEO of Two River Financial Group, expressed enthusiasm about the merger, noting that partnering with First Mid aligns with their core values and will enable them to serve customers more effectively (Barack Ferrazzano).