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First Mid to close branches in 2021

First Mid to close branches in 2021

1 month, 3 weeks ago by Scott Hardy

Company, which has two branches in Quincy, didn't say which branches would close

An Illinois banking company that runs two Quincy banks says it plans to close some of its' locations next year.

First Mid Bancshares, Incorporated said Friday that during 2021, it plans to close and consolidate 10 of its 63 branches in Illinois and Missouri. The company didn't say which branches would close, but did say that one closure is planned as part of its' plan to acquire LINCO Bancshares, based in Columbia, Missouri. Another location will be converted to a loan production office. First Mid Chairman and Chief Executive Officer Joe Dively said in the statement that the consolidation is due in part to people moving to digital banking. He adds that those branches that will be closed are "lower-use branches" that are near other locations. First Mid says the closures will cost around $2 million, and they estimate they'll save about $1 million a year, starting in 2022.

First Mid has branches at 636 Hampshire and in the Quincy Mall.

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