First Mid Bancshares Executes Agreement To Acquire Two Rivers Financial, Subsidiary For Roughly $94.1M

First Mid Bancshares, Inc. (NASDAQ:FMBH) ("First Mid") and Two Rivers Financial Group, Inc. (OTCQX:TRVR) ("Two Rivers") announced the execution of a definitive agreement dated October 29, 2025 under which Two Rivers will merge with First Mid in a 100% stock transaction, expanding First Mid's presence into attractive Iowa markets.

Under the terms of the agreement, First Mid will acquire 100% of the outstanding shares of Two Rivers and Two Rivers shareholders will receive 1.225 shares of FMBH common stock for each share of TRVR common stock. Based on First Mid's price per share of $36.80 at market close on October 28, 2025, the aggregate consideration to be paid by First Mid is approximately $94.1 million, subject to certain conditions and adjustments.