First Mid-Illinois plans $25 million convertible preferreds placement

Offering proceeds are intended to finance general corporate purposes

By Devika Patel

Knoxville, Tenn., Dec. 15 - First Mid-Illinois Bancshares, Inc. arranged a private placement of non-cumulative perpetual convertible preferred stock on Dec. 14, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It will raise $25 million.

Proceeds will be used for general corporate purposes.

First Mid-Illinois is a Mattoon, Ill., financial holding company.

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