First Mid-Illinois announces mandatory conversion of 9% preferred stock

By Tali Rackner

Norfolk, Va., Sept. 24 – First Mid-Illinois Bancshares, Inc. approved the Nov. 17 mandatory conversion of all of its issued and outstanding 4,926 shares of series B 9% noncumulative perpetual preferred stock into shares of its common stock, according to an 8-K filing with the Securities and Exchange Commission.

All outstanding shares will be converted at a rate of 231.267 shares of common stock per preferred share, at a price of $21.62 per whole share. This will result in the issuance of roughly 1,139,195 shares of common stock.

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

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