First Busey Corp. and Main Street Trust Inc. said Tuesday that they would divest five overlapping branches in Champaign County, Ill., as a condition of their pending merger.
The longtime rivals announced in September that the $2.5 billion-asset First Busey, in Urbana, had agreed to acquire the $1.5 million-asset Main Street, in Champaign, for about $347 million. The companies said Tuesday that the deal would not be completed until an agreement to sell the five branches is in place and approved by the Federal Reserve Board and the Justice Department.
First Busey and Main Street are the dominant companies in Champaign County, with nearly $1.6 billion of deposits and a market share of more than 48%, according to Federal Deposit Insurance Corp. data. The five overlapping branches have $110 million of deposits.
