Business
First Busey Corporation and Cummins-American Corp. to Merge
First Busey to Further Enhance Market Presence in the Chicagoland MSA CHAMPAIGN, IL and GLENVIEW, IL, Jan. 19, 2021 (GLOBE NEWSWIRE) -- First Busey
About this update from First Busey Corporation
[{"type":"text","content":"First Busey to Further Enhance Market Presence in the Chicagoland MSA\nCHAMPAIGN, IL and GLENVIEW, IL, Jan. 19, 2021 (GLOBE NEWSWIRE) -- First Busey Corporation (Busey) (NASDAQ:BUSE), the holding company for Busey Bank, and Cummins-American Corp. (CAC), the holding company for Glenview State Bank (GSB), today jointly announced the signing of a definitive agreement pursuant to which Busey will acquire CAC and GSB through a merger transaction. The partnership will enhance Busey’s existing deposit, commercial banking and wealth management presence in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area (MSA). Through this transaction, Busey’s deposit share ranking improves from #32 to #20 in this MSA. Chicagoland is the largest MSA in Illinois and the Midwest. The Chicagoland MSA includes the Illinois Counties of Cook, DuPage, Will, McHenry, Grundy, Lake, Kane, Kendall and DeKalb; Kenosha County in Wisconsin; and the Indiana Counties of Lake, Porter, Jasper and Newton. Additionally, this partnership solidifies Busey Bank’s position as #14 in total deposit market share across the state of Illinois and also positions Busey Bank as #4 in deposit share for banks headquartered in Illinois. Under the terms of the merger agreement, CAC’s shareholders will have the right to receive 444.4783 shares of First Busey’s common stock and $27,969.67 in cash for each share of common stock of CAC with total consideration to consist of approximately 73% cash and 27% stock. Based upon the closing price of Busey’s common stock of $23.54 on January 15, 2021, the implied per share purchase price is $38,432.69 with an aggregate transaction value of approximately $190.8 million. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and required approvals, including the approval of CAC’s shareholders of the transaction. It is anticipated GSB will be merged with and into Busey Bank at a date following the completion of the merger. At the time of the bank merger, GSB banking centers will become branches of Busey Bank. The combined pro forma franchise will serve customers through more than 70 full-service locations, including 60 branches across Illinois, as well as 10 in Missouri, four in Florida and one in Indiana, and will have combined assets of $11.9 billion, $7.6 billion in gross loans,...