First Mid Bancshares in Illinois is acquiring Evergreen Bancshares and its subsidiary, the American Bank of Freedom, based in Missouri.
The acquisition will strengthen First Mid’s presence in the St. Louis area and along the I-70 corridor, as well as in the greater Indianapolis market.
American Bank of Freedom, headquartered in Wellsville, Missouri, operates 10 banking centers, with locations throughout the St. Louis metropolitan area and I-70 corridor, as well as banking centers in Rochester, Illinois and Westfield, Indiana. American Bank of Freedom also operates a loan production office in the Denver, Colorado area.
American Bank of Freedom has approximately $932 million in total assets, $712 million in loans and $727 million in deposits.
Under the terms of the agreement, First Mid will acquire 100 percent of the outstanding shares of Evergreen at a value of approximately $70.7 million.
“We are excited to welcome American Bank of Freedom’s employees, customers and shareholders to First Mid,” Matthew Smith, president and CEO of First Mid, said. “We have known the organization and its leadership for many years, and we are honored to have been selected as their strategic partner. This transaction strengthens our presence in St. Louis and along the I-70 corridor, expands our Illinois franchise through Rochester, and establishes a full-service banking presence in the greater Indianapolis market. American Bank of Freedom has a long history of relationship-driven community banking and a strong commitment to its customers and communities, which aligns well with First Mid.”
Once the transaction is complete, American Bank of Freedom customers will have access to First Mid’s range of financial services, including wealth management, brokerage, agricultural services, treasury management and insurance, as well as increased lending capacity and a larger banking network.
“We are pleased to partner with an organization that shares our commitment to community banking and strong customer relationships,” Timothy Nash, president and CEO of American Bank of Freedom, said. “First Mid brings additional scale, capabilities and resources while maintaining the community-focused approach that has been important to American Bank of Freedom throughout our history. We believe this combination will create additional opportunities for our customers, employees and communities.”
The transaction has been unanimously approved by each company’s board of directors and is subject to regulatory and shareholder approvals. The transaction is expected to close in the first quarter of 2027 and the companies expect to complete the bank merger and systems conversion in the second quarter of 2027.
First Mid Bancshares is the parent company of First Mid Bank & Trust, First Mid Insurance Group, and First Mid Wealth Management Co. It has locations throughout Illinois, Iowa, Missouri, Texas and Wisconsin, and a loan production office in the greater Indianapolis area.