First Busey to take big leap in St. Louis with latest acquisition
First Busey in Champaign, Ill., has agreed to buy Banc Ed Corp. in Edwardsville, Ill.
The $7.8 billion-asset First Busey said in a press release Wednesday that it will pay $304.9 million in cash and stock for the parent of the $1.8 billion-asset Bank of Edwardsville. The deal is expected to close by the first quarter.
First Busey said the acquisition will expand its operations around St. Louis, increasing its deposit market share in the area from 18th to seventh. Banc Ed has 19 branches and a loan production office.
“Being a strong, local community bank for the communities we serve is important to both Busey” and Bank of Edwardsville, Van Dukeman, First Busey’s president and CEO, said in the release.
“Combining our like-minded, 150-year organizations together as one will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence," Dukeman added.
Barack Ferrazzano Kirschbaum & Nagelberg and FIG Partners advised First Busey. Howard & Howard and Sandler O’Neill advised Banc Ed.