Overview
Update: The deal announced in May 2019 has been completed.
May 13, 2019 - Yahoo Finance, St. Louis Business Journal
First Busey Corporation to Acquire Investors’ Security Trust Company
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for First Busey Corporation, the holding company for Busey Bank (“Busey”) (Nasdaq: BUSE), in the signing for a definitive agreement to acquire Investors’ Security Trust Company (“IST”).
This transaction will allow Busey and IST to further meet their clients' growing financial needs. IST's merger into Busey's wealth management division will enhance their existing wealth management presence in the Cape Coral-Fort Myers, FL area and will add a broad range of banking services and delivery systems that complement the service offerings of IST. The transaction is expected to close in mid to late 2019, subject to customary closing conditions and approvals, with combined assets under management of more than $9.25 billion.
Barack Ferrazzano’s team was led by Robert M. Fleetwood, who was assisted by Brent McCauley and Neil R. Patel. Executive compensation and benefits were handled by K.C. Klagos and tax matters were handled by Alice Lin.
First Busey Corporation
Founded in 1868, First Busey Corporation is a $9.5 billion financial holding company headquartered in 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.