First Busey Corporation to Acquire Cummins-American Corp.
The Barack Ferrazzano Financial Institutions Group is serving as legal counsel to Cummins-American Corp., the holding company for Glenview State Bank, in its pending merger transaction with First Busey Corporation (NASDAQ:BUSE), the holding company for Busey Bank.
The deal is expected to close in the second quarter of 2021, resulting in a combined franchise that serves customers through more than 70 full-service locations in Illinois, Missouri, Florida and Indiana, with combined assets of $11.9 billion, $9.8 billion in deposits and over $10.6 billion in wealth assets under management on a pro forma basis.
“We believe this strategic merger will benefit our clients through enhanced capabilities and products in commercial banking, wealth management and depository services,” said Van Dukeman, First Busey’s chairman, president and CEO. Glenview State Bank chairman and CEO Paul A. Jones shared, “The Busey organization is founded on premier, personal service provided by outstanding, local associates; therefore, we believe Busey is the right strategic partner to continue Glenview State Bank’s customer- and community-focus and to help shape the future for the NorthShore and Northwest communities for whom we remain committed to serving.”
Barack Ferrazzano’s legal team is led by Bill Fay and Katherine Fritzi Getz. Executive compensation and benefits are being handled by Andrew K. Strimaitis and Andrew J. Gordon. Tax and business planning matters are being handled by Michael J. Towne and Alice Lin.
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