The Purchase of Cummins-American and Glenview State Bank by First Busey Is Complete.
ILLINOIS, CHAMPAIGN as well as GLENVIEW, IL First Busey Corporation ("Busey") (NASDAQ: BUSE), the parent company of Busey Bank, today announced the successful closing of its acquisition of Cummins-American Corp. In effect as of May 31, 2021, CAC, the holding company for GSB, will change its name to
ILLINOIS, CHAMPAIGN as well as GLENVIEW, IL First Busey Corporation ("Busey") (NASDAQ: BUSE), the parent company of Busey Bank, today announced the successful closing of its acquisition of Cummins-American Corp. In effect as of May 31, 2021, CAC, the holding company for GSB, will change its name to Glenview State Bank. Previous public announcement of the deal was made on January 19, 2021.
Each issued and outstanding share of CAC common stock as of the effective date was converted into the right to receive 444 under the terms of the definitive agreement. Four Thousand Seven Hundred Eighty Three Shares of First Busey Common Stock and Fourteen Thousand One Hundred Seventy Three Dollars the cash consideration amount of .00, which reflects the adjustments made in accordance with the terms of the Merger Agreement Also, CAC paid a special dividend to its shareholders in the amount of million, or $12,087 each, as additional merger consideration received by its shareholders in the Merger. 58 on May 28, 2021, for each share of common stock in CAC. At $25 (the 20-day VWAP closing price), Busey has a strong showing in the stock market. Indicative share price was $37,666 on May 28, 2021. 85, with a total estimated value of $187 0 million
Until its expected merger with Busey Bank in the second half of 2021, Busey will run GSB as a separate banking subsidiary of Busey. After the merger is finalized, GSB banking locations will join Busey Bank as branches. The combined pro forma franchise will have assets of approximately $12 billion and will operate 75 full-service locations in five states: Illinois (with 60 branches), Missouri (10), Florida (4), and Indiana (1). Three Billion Dollars and Seven Dollars $10.2 billion in gross loans, $10 With $1.2 billion in deposits and over $11 A total of $ 8.2 billion in client wealth as of March 31, 2021
President, Chairman, and CEO Van A. Busey As Dukeman put it, "Being a strong, local community bank for the communities we serve remains a top priority for both Busey and Glenview State Bank." Supporting team members, customers, and communities is an ongoing priority, and we intend to strengthen this bond. Our customers will reap the benefits of our combined strengths in service and product offerings, and our employees will reap the benefits of a more robust and dynamic workplace thanks to this partnership. Our expanded presence in the greater Chicagoland market will be able to compete with larger rivals while still retaining the community banking culture that has always defined our company. ”
The merger strengthens Busey's position as a deposit, commercial banking, and wealth management institution serving the Chicago-Naperville-Elgin, IL-IN-WI MSA. As a result of this deal, Busey has moved up to the 20th position among deposit share holders in this MSA, from 32nd previously. Illinois's Cook, DuPage, Will, McHenry, Grundy, Lake, Kane, Kendall, and DeKalb counties as well as Wisconsin's Kenosha County and Indiana's Lake, Porter, Jasper, and Newton counties make up the largest metropolitan statistical area in Illinois and the Midwest. In addition, Busey Bank's position as the fourth-largest bank in deposit share among Illinois banks is strengthened by this partnership, moving Busey Bank from the fourteenth spot in total deposit market share across Illinois to the fourteenth spot.
GSB was a commercial bank that had been in business since 1921 and was privately held, locally owned, and operated out of Glenview, Illinois. GSB has seven locations in the Chicago Metropolitan Statistical Area (MSA), including Glenview (4), Northbrook, Northfield, and Mount Prospect, and employs a total of 150 people. GSB remains true to its roots by participating in the neighborhoods it serves and by providing high-quality, customized assistance from knowledgeable locals. On March 31, 2021, CAC had a total consolidated asset value of $1. A total of $1 billion was deposited, while loans totaled $4.5 billion. With $3 billion in assets and $1 billion in care, 2 billion
GSB's President and CEO, Paul A. As Jones put it, "We are proud to have served our customers and supported our communities for the past 100 years." Busey will allow GSB to provide a broader range of high-end commercial, consumer, and wealth management services without sacrificing their steadfast dedication to the local community. We're glad that this collaboration will help Glenview State Bank keep providing the high-quality service its customers have come to expect. ”
Both organizations believe in the importance of a dedicated staff and are working hard to improve the community banking industry by providing exceptional service to their customers. Since 2016, Busey has been recognized as one of American Banker's Best Banks to Work For. Since the same year, Busey employees have voted it one of the Best Places to Work in Illinois. In 2018 and 2019, Busey was recognized by Forbes as one of Illinois' Best-In-State Banks. charitable and other awards given out at the office
Author: Vedder, Price, P C advised the company and Stephens Inc. acted as Busey's financial consultant Piper Sandler & Co. and Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal representation. worked as a consultant for Cummins-American Corp's finances
Profile of a Corporation
First Busey Corporation (Nasdaq: BUSE) is a $10M company as of March 31, 2021. holding company with a 76 billion dollar market cap and an Illinois headquarters in Champaign
First Busey Corporation's wholly-owned banking subsidiary, Busey Bank, reported $10 billion in total assets as of the end of 2013. headquarters in Champaign, Illinois, and a 74 billion dollar market cap as of March 31, 2021 As of this writing, Busey Bank operates 53 branches in Illinois, 10 in Missouri, 4 in southwest Florida, and 1 in Indianapolis, Indiana. Specifically, the Company's Wealth Management division at Busey Bank offers asset management, investment, and fiduciary services to private clients, corporations, and nonprofits. A total of $10 million worth of assets were in care as of March 31, 2021. 69 billion
FirsTech, Inc. is the retail payment processing subsidiary of Busey Bank. wherein $28,000,000.00 is transacted annually, generating Billion in Annually, $3 billion is spent The FirsTech, Inc. Payment solutions, including but not limited to electronic payments, mobile payments, phone payments, remittance processing, in-person payments, and merchant services, are provided across all of North America by this company. Founded in 1985, FirsTech, Inc. collaboration with 5,800 agents in the US S For further details on FirsTech, Inc., please visit their website. available on firstechpayments.com com
As a result of the merger, First Busey Corporation now owns 100% of Glenview State Bank. Glenview State Bank is headquartered in Glenview and operates seven branches in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area.
Since 2016, Busey has been recognized as a Best Company to Work For across its global footprint by Best Companies Group. It is an honor to have our culture of integrity and dedication to community development consistently recognized by both national and local organizations.
Check out busey.com to learn more about us. com or gsb com
Note Regarding Potentially Future Events
Except for statements of historical fact contained herein, certain statements contained herein about the financial condition, results of operations, plans, objectives, future performance, and business of First Busey (the "Company") constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words like "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," and "should" are used to help identify forward-looking statements, which may be based on the beliefs, expectations, and assumptions of the Company's management and on information currently available to management. ," or some other equivalent expression All statements made herein, including forward-looking statements, are made as of the date made, and the Company disclaims any duty or obligation to revise or update any statement to reflect new information or subsequent events or circumstances. The Company's forward-looking statements may not be realized due to a number of factors, many of which are beyond the Company's control or ability to predict. Among these are (i) future terrorist threats or attacks, widespread disease or pandemics (such as the COVID-19 pandemic in the United States), and the strength of the local, state, national, and international economy (including the impact of the new presidential administration). or other external events that could cause economic decline or credit market instability; (iii) changes in state and federal laws, regulations, and governmental policies pertaining to the Company's general business; (iv) changes in accounting policies and practices such as Common Equity Model Transition Costs; (v) changes in interest rates and prepayment rates of the Company's assets (including the impact of the London Inter-bank Offered Rate phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the inability to develop and maintain secure and reliable products and services. computer and/or network failure; (viii) the departure of a key executive or member of staff; (ix) shifts in consumer spending patterns; (x) unforeseen outcomes of recent or planned acquisitions (xi) the unexpected outcome of pending or new litigation involving the Company; and (xii) the economic impact of exceptional weather occurrences like tornadoes, hurricanes, and floods. along with snowstorms No undue reliance should be placed on forward-looking statements without first considering the risks and uncertainties listed above. All of the Company's SEC filings contain important information about the Company and its business, including information about important factors that could have a material effect on the Company's financial results.
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