Illinois-based First Busey, the parent of Busey Bank, has agreed to acquire local rival First Community Financial Partners, the parent of First Community Financial Bank, in a transaction valued at about $235.8m.

First Community has nine branches in Will, DuPage and Grundy counties, which cover portions of Chicago’s southwestern suburbs. The bank manages more than $1.26bn in assets.

As per the terms of the merger deal, shareholders of First Community will receive 0.396 shares of First Busey common stock and $1.35 in cash for each share of First Community common stock.

First Community president and CEO Roy Thygesen will take over as executive vice-president and market president for Northern Illinois at Busey Bank post deal completion in mid-2017.

First Community Financial Bank is expected to be integrated with and into Busey Bank in late 2017 following completion of the merger of the holding companies.

First Busey president and CEO Van Dukeman said: “This business combination is consistent with our strategy of expanding into markets with both population and commercial density in the Midwest through disciplined partnerships with companies who have similar operating and cultural philosophies.

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.

“Joining two of the best community banks in Illinois together offers significant growth possibilities for the combined customer, associate, community and shareholder base.”