First Mid Bancshares, Inc. Completes Acquisition of Two Rivers Financial Group, Inc.
Rhea-AI Summary
First Mid Bancshares (NASDAQ: FMBH) completed its acquisition of Two Rivers Financial Group on March 2, 2026. As of 12/31/2025, Two Rivers reported approximately $1.2 billion in assets, $883 million in loans, $1.0 billion in deposits, and more than $1.2 billion in trust and wealth AUM across 14 Iowa locations.
Post-close, First Mid has about $9.1 billion in total assets and $7.9 billion in total trust and wealth AUM. Account conversions are expected in June; customers will receive advance notice and no immediate changes will occur.
Positive
- Acquired assets of $1.2 billion
- Loans added of $883 million
- Deposits added of $1.0 billion
- Trust AUM added > $1.2 billion
- Total assets increased to ~$9.1 billion
- Total trust AUM increased to ~$7.9 billion
Negative
- Account conversion scheduled in June 2026
- Geographic concentration: 14 locations in Iowa
Key Figures
Market Reality Check
Peers on Argus
FMBH is down 4.12% with regional peers SBSI, BHRB, BRKL, CTBI and NBN all negative (from about -0.95% to -2.55%), indicating broader regional bank weakness alongside the deal close.
Previous Acquisition Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Acquisition announcement | Positive | -2.9% | Announced stock-for-stock acquisition of Two Rivers with projected EPS accretion and cost savings. |
Prior Two Rivers acquisition news on Oct 30, 2025 was framed positively but saw a -2.87% price move, suggesting a tendency for FMBH to trade lower on this deal’s announcements.
Over the past several months, FMBH combined steady operating performance with an acquisition-driven strategy. On Oct 30, 2025, it announced the Two Rivers acquisition with expected EPS accretion and cost savings, yet shares fell 2.87%. Q3 and Q4 2025 results highlighted record net income, tangible book value growth, and regulatory approval for the deal. Today’s completion of the Two Rivers transaction advances that plan, moving from announcement and approval phases into integration and customer conversion.
Historical Comparison
In the past year FMBH had 1 acquisition headline (Two Rivers’ announcement) with an average move of -2.87%. Today’s completion selloff of -4.12% extends that negative pattern for this deal.
The Two Rivers transaction progressed from announcement in Oct 2025 through shareholder and regulatory approvals to closing in Q1 2026, with integration and account conversion now the next stage.
Market Pulse Summary
This announcement marks the closing of FMBH’s acquisition of Two Rivers, adding about $1.2B in assets, $883M in loans, and 14 Iowa locations, and bringing First Mid to roughly $9.1B in total assets. It follows earlier approvals and strong recent earnings. Investors may watch how June’s account conversion proceeds, the pace of cost synergies, and any updates on credit quality or capital metrics as integration advances.
AI-generated analysis. Not financial advice.
MATTOON, Ill., March 02, 2026 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid” or the “Company”) announced today that the acquisition of Two Rivers Financial Group, Inc. (“Two Rivers”) has been completed.
As of 12/31/2025, Two Rivers had approximately
There are no immediate changes for Two Rivers' customers. The conversion of accounts from Two Rivers is expected to happen in June of this year. Customers will receive information well in advance of any changes that may impact them.
“We welcome Two Rivers' customers and employees to First Mid and are excited to provide expanded services to the strong relationships the Two Rivers team has built over the years,” said Joe Dively, First Mid Chairman and Chief Executive Officer. “We have worked closely with the Two Rivers team over the last few months to ensure a smooth transition.”
About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., First Mid Wealth Management Co., and Two Rivers Bank & Trust. First Mid is a
Forward Looking Statements
This document may contain certain forward-looking statements about First Mid and Two Rivers, such as discussions of First Mid’s and Two Rivers’ pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid and Two Rivers intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid and Two Rivers are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that any of the anticipated benefits of the transaction between First Mid and Two Rivers will not be realized within the expected time period; the risk that integration of the operations of Two Rivers with First Mid will be materially delayed or will be more costly or difficult than expected; the effect of the announcement of the transaction on customer relationships and operating results; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; changes in interest rates; general economic conditions and those in the market areas of First Mid and Two Rivers; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s and Two Rivers’ loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid and Two Rivers; accounting principles, policies and guidelines; or any of the other foregoing risks. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, First Mid and Two Rivers do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Austin Frank
SVP, Director of Investor Relations
217-258-5522
afrank@firstmid.com
Jordan Read
Chief Financial and Risk Officer
217-258-3528
jread@firstmid.com
FAQ
What did First Mid (FMBH) announce on March 2, 2026 regarding Two Rivers?
How much in assets and trust AUM did Two Rivers contribute to First Mid (FMBH)?
What are First Mid’s pro forma totals after the Two Rivers acquisition (FMBH)?
When will Two Rivers customer accounts convert to First Mid systems (FMBH)?
Will Two Rivers customers see immediate changes after the acquisition by First Mid (FMBH)?
How many locations and what regional footprint did Two Rivers add to First Mid (FMBH)?
