Business
First Busey Corporation and Merchants and Manufacturers Bank Corporation to Merge
First Busey Expands Market Presence in Chicago MSA and Adds Life Equity Loan® Products to Suite of Services CHAMPAIGN, Ill. and OAKBROOK TERRACE, Ill., Nov.
About this update from First Busey Corporation
[{"type":"text","content":"First Busey Expands Market Presence in Chicago MSA and Adds Life Equity Loan® Products to Suite of Services\nCHAMPAIGN, Ill. and OAKBROOK TERRACE, Ill., Nov. 27, 2023 (GLOBE NEWSWIRE) -- First Busey Corporation (“Busey”) (NASDAQ:BUSE), the holding company for Busey Bank, and Merchants and Manufacturers Bank Corporation (”M&M”), the holding company for Merchants & Manufacturers Bank (“M&M Bank”), today jointly announced the signing of a definitive agreement pursuant to which Busey will acquire M&M Bank through a merger transaction. The partnership will enhance Busey’s growing suburban Chicago market presence by expanding the company’s deposit market share in DuPage and Will Counties, while bolstering its commercial banking relationships and wealth management capabilities. Under the terms of the merger agreement, M&M’s stockholders will have the right to elect to receive either $117.74 in cash, 5.7294 shares of Busey common stock, or mixed consideration of $34.55 in cash and 4.0481 shares of Busey common stock. Shareholder elections are subject to proration such that total consideration consists of approximately 71% Busey common stock and 29% cash, as further defined in the merger agreement. Based upon Busey’s 20-day volume-weighted average closing price as of November 24, 2023, the aggregate implied transaction value is approximately $41.6 million. The transaction is expected to close in second quarter 2024, subject to customary closing conditions and required approvals, including the approval of M&M’s stockholders of the transaction. It is anticipated M&M Bank will be merged with and into Busey Bank at a date following the completion of the merger. At the time of the bank merger, M&M Bank banking centers will become branches of Busey Bank. The combined pro forma franchise will serve customers through more than 60 full-service locations, including 21 in Central Illinois markets, 18 in suburban Chicago markets, 20 in the St. Louis metropolitan area, one in Indianapolis and three in Southwest Florida. The pro forma organization will have combined assets of $12.7 billion, $8.3 billion in gross loans, $10.7 billion in deposits and over $11.5 billion in wealth assets under care. M&M Bank was founded in 1969 as a locally-owned bank valuing its roles and responsibilities as a community bank, bringing a focused expertise in business bank...