Edwardsville-based First Clover Leaf Bank agrees to acquisition

Edwardsville-based First Clover Leaf Financial Corp., the parent company of First Clover Leaf Bank, agreed to be acquired by First Mid-Illinois Bancshares, Inc. in a cash and stock deal.

The deal is valued at $90 million. First Mid-Illinois is the Mattoon-based parent company of First Mid-Illinois Bank & Trust.

First Clover Leaf stockholders have a couple options under the deal: They can exchange their current shares for $12.87 in cash per share or exchange the shares for 0.495 per share in First Mid-Illinois stock. Either way, First Clover Leaf shareholders will make a 34 percent premium over the price per share of their stock in the deal.

First Mid-Illinois, with 46 locations throughout Illinois, boasts $2.1 billion in assets. First Clover Leaf has three locations in Edwardsville and one each in Swansea, Highland, Wood River and Clayton, Mo. It has $650 million in assets.

***

Sports Authority hoped it could restructure its debt and keep some of its locations open when it filed for bankruptcy protection last month.

But a company lawyer told a judge Tuesday plans have changed: Sports Authority will dissolve and its 300 or so remaining stores will either be liquidated or sold to competitors at a bankruptcy auction set for May 16.

There’s one Sports Authority location in the metro-east at 6575 N. Illinois St. in Fairview Heights. The eight other locations in the region are in St. Louis and St. Charles counties.

***

Apple’s second quarter earnings were pretty grim: Revenue was down 13 percent to $50.6 billion, earnings per share were down 22 percent to $1.90 and its stock price fell 7 percent to a paltry $104.35.

And yet, wizards on Wall Street suggest now is a good time to buy stock in the biggest company in the world.

Why?

The iPhone 7 is due out this fall, which analysts say will send Apple’s revenue — and its price per share — soaring once again.

***

Chipotle, understandably searching for ways to win back customers scared off by a nationwide E. coli outbreak, is considering adding items to its menu.

It wouldn’t normally be a big deal, but Chipotle doesn’t change its menu. Practically ever. The only time it significantly changed its menu in 23 years, in fact, was two years ago with the addition of tofu sofritas.

But tests in Kansas City locations have shown that loyal customers like chorizo, a spicy mixture of sausage and chicken. Top brass at Chipotle believe a nationwide inclusion of chorizo could jumpstart business in the wake of a first quarter that saw revenue drop more than 23 percent.

This story was originally published April 27, 2016 at 9:25 AM with the headline "Edwardsville-based First Clover Leaf Bank agrees to acquisition."