First Busey in Champaign, Ill., has agreed to buy Herget Financial in Pekin, Ill.

The $3.5 billion-asset First Busey will pay an undisclosed sum for the $274 million-asset Herget. The deal is expected to close by early next year.

First Busey said in a press release Friday that Herget operates three branches in an area that has significant professional, insurance, health care, information technology and manufacturing businesses.

"Busey is expanding its franchise through balanced, integrated growth strategies," Van Dukeman, First Busey's president and chief executive, said in the release. "Herget holds a dominant deposit market position in its community and offers trust, estate and asset management services, as well as competitive commercial loan and mortgage offerings, all of which complement Busey's offerings."

Sheshunoff & Co. Investment Banking and Hunton & Williams advised Herget. Barack Ferrazzano Kirschbaum & Nagelberg LLP is acting as First Busey's legal counsel.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.