First Busey, the holding company for Busey Bank, has completed its previously announced acquisition of Cummins-American (CAC).
The transaction carried an aggregate value of nearly $187m.
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As earlier agreed, CAC subsidiary Glenview State Bank will merge with and into Busey Bank. The integration is expected to complete in the second half of this year.
Until the merger completes, GSB will operate as a separate banking subsidiary of Busey.
The combined lender will have $12.3bn in total assets with 75 full-service locations. The branch network will comprise 60 locations across Illinois, ten in Missouri, four in Florida, and one in Indiana.
The consideration of the transaction was paid in a combination of cash and stocks. Each share of CAC common stock was converted into the right to receive 444.4783 First Busey common stock shares and $14,173.96 in cash.
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By GlobalDataBusey chairman, president and CEO 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 organisation presents more professional growth opportunities for associates.”
GSB president and CEO Paul A. Jones said, “We are proud to have served our customers and supported our communities for the past 100 years. With Busey, GSB customers will continue to experience a community banking commitment while benefitting from an expanded array of sophisticated commercial, consumer, and wealth management services.”
