What are First Mid Bancshares Inc's Business Segments?
The Company has chosen to operate in three primary lines of business—community
banking and wealth management through First Mid Bank and insurance brokerage
through First Mid Insurance. Of these, the community banking line contributes
approximately 91% of the Company’s total revenues and profits. Within
the community banking line, the Company serves commercial, retail and agricultural
customers with a broad array of deposit and loan related products. The wealth
management line provides estate planning, investment and farm management services
for individuals and employee benefit services for business enterprises. The
insurance brokerage line provides commercial lines insurance to businesses as
well as homeowner, automobile, health, life and other types of personal lines
insurance to individuals. All three lines emphasize a “hands on”
approach to service so that products and services can be tailored to fit the
specific needs of existing and potential customers. Management believes that
by emphasizing this personalized approach, the Company can, to a degree, diminish
the trend towards homogeneous financial services, thereby differentiating the
Company from competitors and allowing for slightly higher operating margins
in each of the three lines.
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