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M&A Deal Summary

First Mid Acquires Blackhawk

On March 21, 2023, First Mid acquired financial services company Blackhawk for 90M USD

Acquisition Highlights
  • This is First Mid’s 5th transaction in the Financial Services sector.
  • This is First Mid’s 2nd largest (disclosed) transaction.
  • This is First Mid’s 6th transaction in the United States.
  • This is First Mid’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2023-03-21
Target Blackhawk
Sector Financial Services
Buyer(s) First Mid
Deal Type Add-on Acquisition
Deal Value 90M USD
Advisor(s) Piper Sandler & Co. (Financial)
Reinhart Boerner Van Deuren (Legal)

Target

Blackhawk

Beloit, Wisconsin, United States
Blackhawk provides financial services to individuals, families, and business owners from ten full-service banking centers in Beloit and Janesville, Wisconsin, and in Rockford, Belvidere, Machesney Park, Roscoe, McHenry, and St. Charles, Illinois. The company was formed in 1881 and also operates a mortgage processing center in Roscoe, Illinois.

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Buyer(S) 1

Buyer

First Mid

Mattoon, Illinois, United States
Category Company
Founded 1865
Sector Financial Services
Employees1,194
Revenue 319M USD (2024)
DESCRIPTION

First Mid provides financial services including banking, insurance, wealth management, brokerage, and ag services through a network of locations in Illinois, Missouri, Texas, and Wisconsin, and a loan production office in Indiana. First Mid was founded in 1981 and is based in Mattoon, Illinois.

DEAL STATS #
Overall 6 of 6
Sector: Financial Services M&A 5 of 5
Type: Add-on Acquisition M&A Deals 5 of 5
State: Wisconsin M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2023 M&A 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-29 Delta

Saint Louis, Missouri, United States

Delta is the parent company of Jefferson Bank and Trust. Delta is a $697 million asset financial institution focused on providing quality, consistent customer service with complete customer satisfaction to small and mid-sized businesses in the St. Louis market. Delta is headquartered in St. Louis, Missouri.

Buy $106M
Mergr

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