Business
First Busey Corporation Finalizes Acquisition of Cummins-American Corp. and Glenview State Bank
CHAMPAIGN, Ill. and GLENVIEW, Ill., June 02, 2021 (GLOBE NEWSWIRE) -- First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank,
About this update from First Busey Corporation
[{"type":"text","content":"CHAMPAIGN, Ill. and GLENVIEW, Ill., June 02, 2021 (GLOBE NEWSWIRE) -- First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, announced the completion of its acquisition of Cummins-American Corp. (“CAC”), the holding company for Glenview State Bank (“GSB”), effective May 31, 2021. The transaction was previously announced on January 19, 2021. Under terms of the definitive agreement, each share of CAC common stock issued and outstanding as of the effective date was converted into the right to receive 444.4783 shares of First Busey common stock and $14,173.96 in cash, which cash consideration amount reflects the adjustments made in accordance with the terms of the Merger Agreement. In addition, as additional merger consideration received by CAC’s shareholders in the Merger, CAC paid a special dividend to its shareholders in the amount of $60 million, or $12,087.58 per share of CAC common stock, on May 28, 2021. Based on Busey’s 20-day volume weighted average closing price of $25.66 on May 28, 2021, the implied per share purchase price was $37,666.85 with an aggregate transaction value of approximately $187.0 million. Busey will operate GSB as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in the second half of 2021. 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 75 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 approximately $12.3 billion, $7.2 billion in gross loans, $10.2 billion in deposits and over $11.8 billion in wealth assets under management as of March 31, 2021. Busey Chairman, President and Chief Executive Officer Van A. Dukeman said, “Being a strong, local community bank for the communities we serve remains a top priority to both Busey and Glenview State Bank. We will advance our shared, longstanding commitments to supporting both team members and our customers and communities. This partnership benefits our clients through enhanced capabilities and products while a growing, dynamic organization presents more professional growth opportunities for associates. As a company, it provides us the resources to compete with our larger...