First Mid-Illinois plans mandatory conversion of 8% preferreds for May

By Susanna Moon

Chicago, March 28 – First Mid-Illinois Bancshares, Inc. notified holders of its series C 8% non-cumulative perpetual preferred stock of the mandatory conversion of the securities, according to an 8-K filing with the Securities and Exchange Commission.

The company’s outstanding 5,500 shares of preferreds will be converted into shares of the company’s common stock.

The company said it has established May 16 as the mandatory conversion date.

The conversion ratio is 246.4268 shares of the company’s common stock for each preferred, or a conversion price of $20.29.

The company’s stock (Nasdaq: FMBH) closed at $25.75 on March 24.

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

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