First Busey to acquire Mid Illinois Bancorp

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First Busey in Champaign, Ill., has agreed to buy Mid Illinois Bancorp in Peoria.

The $5.4 billion-asset First Busey said in a press release Monday that it will pay $133.4 million in cash and stock for the parent of the $665 million-asset South Side Bank of Peoria. The deal is expected to close in the second half of this year.

Mark Joseph, Mid Illinois’ president and CEO, will become commercial market president of Peoria once the deal closes.

The acquisition “enhances our presence in Peoria, a market important to us and core to our franchise,” Van Dukeman, First Busey’s president and CEO, said in the release. “We are excited about the opportunities South Side’s uniquely attractive deposit franchise and trust and investment business present in Peoria and across our footprint.”

Barack Ferrazzano Kirschbaum & Nagelberg and Sandler O’Neill advised First Busey. Howard & Howard and Stephens Inc. advised Mid Illinois.

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