Mattoon, Ill.-based First Mid Bancshares is acquiring Burlington, Iowa-based Two Rivers Financial Group for $94.1 million. .The acquisition is expected to close in the first quarter of 2026 and also expand the Iowa footprint of First Mid Bancshares in Des Moines and Davenport. First Mid Bank & Trust has $7.6 billion in assets, $6.2 billion in deposits and $5.6 billion in net loans and leases. Two Rivers Financial Group is the parent company of Two Rivers Bank & Trust, a $1.1 billion bank based in southeast Iowa that operates 14 branches in the central and southeastern parts of the state. Two Rivers has nearly $1 billion in deposits and $1.2 billion in trust and wealth management assets under management. Two Rivers Bank & Trust President and CEO Shane Zimmerman will join First Mid as executive vice president and divisional president following the merger. First Mid Chair and CEO Joseph Dively said the deal represents “an exciting step forward” for his bank. “This partnership expands our presence into a neighboring state and demonstrates our commitment to continued growth and geographic diversification,” Dively said.Last week, First Mid Wealth Management division First Mid Ag Services announced its pending acquisition of Princeton, Ill.-based Ray Farm Management Services. That deal is expected to close at the end of this year.
