First Busey, the holding company for Busey Bank, has signed an agreement to acquire The Banc Ed, the holding company for TheBANK of Edwardsville, in a deal valued at nearly $304.9m.
Under the terms of the agreement, Banc Ed stockholders will receive 8.2067 shares of First Busey common stock and $111.53 in cash for each share.
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The transaction is expected to close in the fourth quarter of 2018 or first quarter of 2019, subject to customary closing conditions and regulatory approvals.
Once completed, the TheBANK will be merged with and into Busey Bank.
Established in 1868 and headquartered in Edwardsville of Illinois, TheBANK operates as a locally owned commercial bank from 19 branch locations.
The combined entity will have 82 full-service locations with 62 branches in Illinois, 14 in Missouri, five in Florida and one in Indiana.
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By GlobalDataIt will have combined asset strength of $9.6bn, $6.4bn in gross loans and $7.7bn in deposits.
Busey president and CEO Van Dukeman said: “Combining our like-minded, 150-year organisations together as one will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence.
“Further, this business combination supports our strategic intention of increasing market share through partnerships with organisations whom have strong core deposit funding, solid commercial banking and credit practices, and a tradition of serving wealth management clients for generations.”
