Busey Bank Acquires TheBank of Edwardsville
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for Busey Bank, a subsidiary of First Busey Corporation ("Busey") (Nasdaq: BUSE), in the signing of a definitive agreement to acquire TheBank of Edwardsville (“TheBANK”), a subsidiary of The Banc Ed Corp. (“Banc Ed”), valued at $304.9 million.
The transaction is expected to close by the first quarter of 2019. The transaction will consolidate the banks to operate under the Busey Bank name, serving customers at 82 full-service locations with combined assets of $9.6 billion. The transaction will enhance Busey’s existing deposit, commercial banking and wealth management presence in the greater St. Louis area, raising the deposit share ranking of Busey from #18 to #7.
Under the terms of agreement and based on Busey's closing share price of $31.89 on August 21, 2018, Banc Ed stockholders will have the right to receive 8.2067 shares of common stock of First Busey and $111.53 in cash for each share of common stock of Banc Ed, with total consideration to consist of approximately 70% stock and 30% cash.
Barack Ferrazzano’s team was led by Robert M. Fleetwood who was assisted by Abdul R. Mitha and Katherine Fritzi Getz. Executive compensation and benefits were handled by Donald L. Norman and K.C. Klagos.
To read more about the transaction, click here.
First Busey Corporation
Founded in 1868, First Busey Corporation is a $7.8 billion financial holding company headquartered Champaign, Illinois. Busey Bank, a wholly-owned bank subsidiary, also headquartered in Champaign, Illinois, has 44 banking centers serving Illinois, 13 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—in 2017 we were the #1 legal advisor in the U.S. by announced bank and thrift M&A transactions and 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 2018 report.