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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It 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.”