First Busey Corp. said late Wednesday that it would buy Eagle BancGroup Inc. in Bloomington, Ill., for $26.6 million in cash.

The transaction is equal to $25.74 per share for Eagle shareholders.

Shares of First Busey, which have soared of late, fell 15.94%, to $21.75 per share Thursday. Eagle's stock rose 10.73%, to $24.50.

First Busey, parent of Busey Bank, has $958 million of assets and 18 branches. It also operates two loan production offices in Florida.

Eagle is the parent of First Federal Savings. Since last fall, the savings and loan has been under pressure to sell by activist investor Lawrence B. Seidman. It has $183 million of assets and four branches.

The deal is expected to close in the fourth quarter.

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