Overview
The BFKN Financial Institutions Group served as legal counsel to First Busey Corporation ("Busey"), in its merger agreement with Merchants and Manufacturers Bank Corporation ("M&M"), the holding company for Merchants & Manufacturers Bank (“M&M Bank”), whereby Busey will acquire M&M Bank through a merger transaction. The partnership will strengthen Busey's increasing influence in the suburban Chicago market, boosting the company's deposit market share in DuPage and Will Counties and reinforcing its commercial banking relationships and wealth management capabilities.
Founded in 1969, M&M Bank has five locations in DuPage and Will Counties (including three in Joliet, one in Channahon, and one in Oakbrook Terrace), and is committed to community and business banking. The resulting pro forma franchise will operate across 60+ locations, including 21 in Central Illinois, 18 in suburban Chicago, 20 in the St. Louis metropolitan area, one in Indianapolis, and three in Southwest Florida, boasting combined assets of $12.7 billion, $8.3 billion in loans, $10.7 billion in deposits, and over $11.5 billion in wealth assets.
“Being a strong, local bank for the communities we serve is important to both Busey and M&M, and thanks to outstanding associates, we both have been successful growing our companies. With a collective, focused expertise in well-capitalized banking—built on the foundational principles of community banking—our combined franchise will pair Busey’s regionalized approach with M&M’s Life Equity Loan® products and commercial lending expertise to provide clients with personalized solutions”, Busey Chairman, President and Chief Executive Officer Van A. Dukeman said in a statement.
BFKN’s legal team was led by partner Abdul R. Mitha. Executive compensation & benefits were handled by partner Andrew K. Strimaitis and associate Alex Freund.
To read more about this announced merger transaction, visit:
