M&A Deal Summary

First Mid Acquires Summit Community Bank

On June 12, 2018, First Mid acquired financial services company Summit Community Bank from Horizon Bank

Acquisition Highlights
  • This is First Mid’s 3rd transaction in the Financial Services sector.
  • This is First Mid’s 3rd transaction in the United States.
  • This is First Mid’s 1st transaction in Michigan.

M&A Deal Summary
Date 2018-06-12
Target Summit Community Bank
Sector Financial Services
Buyer(s) First Mid
Sellers(s) Horizon Bank
Deal Type Divestiture
Advisor(s) Piper Sandler & Co. (Financial)

Target

Summit Community Bank

East Lansing, Michigan, United States
Summit Community Bank is a regional provider of banking services with two branch locations and one mortgage center serving the greater Lansing, Michigan area. Summit Community Bank was formed in 2002 and is based in East Lansing, Michigan.

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Buyer(S) 1

Buyer

First Mid

Mattoon, Illinois, United States
Category Company
Founded 1865
Sector Financial Services
Employees1,188
Revenue 275M USD (2023)
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 3 of 6
Sector (Financial Services) 3 of 5
Type (Divestiture) 1 of 1
State (Michigan) 1 of 1
Country (United States) 3 of 6
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-11 First BancTrust

Paris, Illinois, United States

First BancTrust Corp. is a provider of full-service commercial and consumer banking services the Champaign, Paris, Marshall, Rantoul, Martinsville and Savoy, Illinois communities through its wholly-owned commercial bank, First Bank & Trust.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-21 Gentry-Couch

Carterville, Illinois, United States

Gentry-Couch, Inc. is a retail and commercial multi-line insurance agency specialized in the areas of public entities, professional occupations, not-for-profit organizations, and food and beverage entities. Gentry-Couch is based in Carterville, Illinois.

Buy -

Seller(S) 1

SELLER

Horizon Bank

Michigan, Indiana, United States
Category Company
Founded 1873
Sector Financial Services
Employees818
Revenue 183M USD (2023)
DESCRIPTION

Horizon Bank is a locally owned, independent, commercial bank holding company serving northern and central Indiana and southwest and central Michigan through its commercial banking subsidiary Horizon Bank, NA. Horizon also offers mortgage banking services throughout the Midwest. Horizon Bank was founded in 1873 and is based in Michigan City, Indiana.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Michigan) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-23 Lafayette Community Bank

Lafayette, Indiana, United States

Lafayette Community Bancorp operates as the bank holding company for Lafayette Community Bank that provides commercial banking services in Tippecanoe County, Indiana. Lafayette Community Bank was founded in 2000 and operates offices throughout Lafayette and West Lafayette, Indiana.

Buy -
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