BELOIT, Wis. (WTVO) — Blackhawk Bank announced Tuesday that it has been acquired by Mattoon-based First Mid Bancshares, Inc.
Blackhawk Bank operates 10 branches in Wisconsin and Illinois, and has been in Beloit since 1881, having expanded into northern Illinois in 1996.
“Blackhawk has a long history of providing excellent service with a community-minded focus that aligns very well with First Mid’s philosophy,” said Joe Dively, Chairman and Chief Executive Officer of First Mid. “We have partnered with Blackhawk on many projects over the last several years and could not be more confident in the cultural and strategic alignment. The combined company will be an approximately $8.1 billion financial institution with significant wealth management and insurance services. We look forward to welcoming Blackhawk’s shareholders, employees and customers to the First Mid team.”
Todd James, Chairman, President and Chief Executive Officer of Blackhawk commented, “This has been a very long process culminating in today’s announcement, which has reinforced our belief in the strength of these two organizations and the opportunities it will provide once combined. We are excited to join forces with First Mid, a like-minded partner that shares our commitment to supporting the communities we serve and building strong long-term relationships with customers.”
The transaction has been unanimously approved by each company’s board of directors and is expected to close in the second half of 2023