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News coverage related to Blackhawk Bancorp Inc. (OTCQX: BHWB) primarily focused on the company's acquisition by First Mid Bancshares Inc. in 2023, which marked the end of Blackhawk's 142-year history as an independent banking institution. The definitive merger agreement, announced in March 2023, represented a significant consolidation event in the Midwest regional banking sector and generated substantial media attention in both Wisconsin and Illinois markets where Blackhawk operated.
Financial news sources reported on the transaction terms, which valued Blackhawk at approximately $90.3 million in an all-stock deal. Shareholders received 1.15 shares of First Mid common stock for each BHWB share owned. Industry analysts discussed the strategic rationale behind the merger, noting that it expanded First Mid's footprint in key markets while providing Blackhawk shareholders with liquidity and exposure to a larger, more diversified banking franchise. Local business publications in Beloit, Janesville, Rockford, and surrounding communities covered the impact on customers and employees, with most reporting that branch locations would remain open and that many relationship bankers would continue serving existing customers under the First Mid brand.
Prior to the acquisition announcement, news coverage of Blackhawk typically focused on community involvement activities, local lending initiatives, and the bank's role in supporting economic development projects throughout southern Wisconsin and northern Illinois. The bank's participation in SBA lending programs, support for small business growth, and sponsorship of community events frequently appeared in local media outlets. As a smaller regional bank, Blackhawk did not generate the volume of financial news that larger publicly traded banks produce, though quarterly earnings announcements and annual shareholder meeting coverage appeared in financial databases and regional business journals.
Following the December 4, 2023 conversion to First Mid Bank & Trust, news coverage shifted to focus on the integration process and how former Blackhawk customers were adapting to new systems, products, and branding. The transition marked the end of a significant chapter in Wisconsin banking history, as Blackhawk had been one of the oldest continuously operating banks in the state before its acquisition.
Blackhawk Bancorp (OTCQX:BHWB) has declared a cash dividend of $0.11 per share for shareholders of record as of June 4, 2021. This dividend will be paid on June 18, 2021, amounting to an annual payout of $0.44 per share. This marks the twenty-eighth consecutive quarterly dividend announced by the company, indicating its sustained commitment to returning value to shareholders.
Blackhawk Bancorp, Inc. (OTCQX: BHWB) announced the completion of its share repurchase offer, which expired on May 12, 2021. The company received tender offers for 525,546 shares, exceeding the 500,000 share limit. To accommodate this, the board increased the repurchase limit to 525,546 shares. CEO Todd James expressed satisfaction with the offer, highlighting its benefits to shareholders, including liquidity at record prices and a projected boost in earnings per share due to a low after-tax cost of funding the repurchase.
Blackhawk Bancorp (OTCQX:BHWB) has extended the expiration date for its tender offer to buy back up to 500,000 shares of common stock at $32.00 per share, now ending on May 12, 2021. The extension allows shareholders more time to consider the offer, with shares able to be withdrawn anytime before the new deadline. The Board of Directors has approved this tender offer but has not provided any recommendation on whether shareholders should participate.
Blackhawk Bancorp (OTCQX:BHWB) has initiated a tender offer to buy back up to 500,000 shares of its common stock at $32.00 per share, set to expire on May 7, 2021. This buyback represents 14.9% of its total shares outstanding as of March 31, 2021. While the tender offer provides liquidity for shareholders, it is not conditioned on the minimum number of shares being tendered. The company plans to fund this buyback through subordinated debt issuance. The offer price reflects a 4.1% premium over the closing price on the previous trading day.
Blackhawk Bancorp (OTCQX:BHWB) reported a net income of $3.43 million for Q1 2021, marking a 2% increase quarter-over-quarter and a 65% increase year-over-year. Fully diluted EPS rose to $1.02, up 62% from $0.63 in Q1 2020. Total assets increased by $66 million to $1.2 billion, while total deposits grew by $81 million to $1.1 billion. Despite a decrease in net interest margin to 3.52%, strong net interest income growth at 13% year-over-year is notable. However, risks remain due to economic uncertainties stemming from the pandemic.
Blackhawk Bancorp (OTCQX:BHWB) has declared a cash dividend of $0.11 per share for shareholders of record by March 5, 2021, payable on March 19, 2021. This dividend translates to an annual amount of $0.44 per share and marks the twenty-seventh consecutive quarterly dividend issued by the company. Blackhawk Bancorp operates through multiple banking centers in Wisconsin and Illinois, providing diverse financial services to business customers.
Blackhawk Bancorp, Inc. (OTCQX:BHWB) has declared a cash dividend of $0.11 per share on its common stock. Shareholders of record as of December 4, 2020 will receive this dividend on December 18, 2020, amounting to $0.44 annually. This marks the company's twenty-sixth consecutive quarterly dividend.
Headquartered in Beloit, Wisconsin, Blackhawk Bancorp operates in several counties in Wisconsin and Illinois, providing various financial services to its customers.
Blackhawk Bancorp reported a net income of $2.9 million for Q3 2020, marking a 12% increase from Q2 but a 16% decrease year-over-year. Fully diluted EPS rose to $0.86, up $0.09 from Q2, down $0.17 from Q3 2019. Despite a slight increase in net interest income to $9.9 million, a higher provision for loan losses of $2.6 million and rising operating costs impacted overall performance. Total assets grew by 17% to $1.1 billion, with total deposits increasing 16% to $960.8 million.
Blackhawk Bancorp (OTCQX:BHWB) has declared a cash dividend of $0.11 per share, with a record date of September 4, 2020, and a payment date of September 18, 2020. This dividend represents an annualized rate of $0.44 per share, marking the twenty-fifth consecutive quarterly dividend for the company. Blackhawk Bancorp operates in Wisconsin and Illinois, providing various banking services through its multiple centers along the I-90 corridor.
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