First Busey Corporation Completes Closing of Mid Illinois Bancorp, Inc Acquisition
Update: The deal announced in March 2017 has been completed with an aggregate transaction value of approximately $135.6 million. Click on the article below to read more about this transaction.
- Globe Newswire (October 2, 2017)
3/13/2017 - Globe Newswire
First Busey Corporation to Acquire Mid Illinois Bancorp, Inc.
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for First Busey Corporation ("Busey") (NASDAQ: BUSE), the holding company for Busey Bank, in the signing of a definitive agreement to acquire Mid Illinois Bancorp Inc. ("Mid Illinois"), the holding company for South Side Trust & Savings Bank of Peoria ("South Side").
In its second major transaction of 2017, following the announced deal to acquire First Community Financial Partners, Inc., Busey plans to acquire Peoria, Illinois based, Mid Illinois Bancorp Inc., in a 70% stock, 30% cash transaction valued at approximately $133.4 million. After completion of the deal, South Side Trust & Savings Bank of Peoria is expected to merge with and into Busey Bank in the first quarter of 2018. With South Side's 13 branches in the Greater Peoria area, the transaction is expected to enhance Busey's existing deposit, commercial banking and trust and investment presence, adding to its five branches currently operating in the area.
Barack Ferrazzano's legal team was led by Robert M. Fleetwood, along with Abdul R. Mitha and Katherine Fritzi Getz. Executive compensation and benefits were handled by Donald L. Norman and K.C. Klagos.
To date for 2017, Barack Ferrazzano's Financial Institutions Group has acted as legal counsel on 5 announced bank and thrift transactions across the U.S., ranking our Firm as the 2nd most active M&A legal advisor* for banks in the U.S. by number of deals, since the beginning of 2016, with a total of 17 announced deals.
Click here to read more about this transaction.
*Source: S&P Global Market Intelligence
First Busey Corporation
First Busey Corporation is a $5.4 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation's wholly-owned bank subsidiary, is also headquartered in Champaign, Illinois and has twenty-seven banking centers serving Illinois, thirteen banking centers in the St. Louis, Missouri metropolitan area, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled—over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to S&P Global Market Intelligence. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2017 report.