Busey Bank’s $304 Million Acquisition of TheBank of Edwardsville

Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel and FIG Partners served as financial advisor to Busey. Howard & Howard served as legal counsel and Sandler O’Neill + Partners, L.P. served as financial advisor to Banc Ed.

First Busey Corporation (NASDAQ:BUSE), the holding company for Busey Bank, completed its merger with The Banc Ed Corp., the holding company for TheBANK of Edwardsville. The transaction was previously announced on August 22, 2018.

Under terms of the definitive agreement, each share of Banc Ed common stock issued and outstanding as of the effective date was converted into the right to receive 8.2067 shares of First Busey common stock and $111.53 in cash. Based on Busey’s five-day volume weighted average closing price of $25.71, on January 31, 2019 the implied per share purchase price was $322.52 with an aggregate transaction value of approximately $264.3 million.

Busey will operate TheBANK of Edwardsville as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in the second half of 2019.

Barack Ferrazzano’s team was led by Robert M. Fleetwood (Picture) who was assisted by Abdul R. Mitha and Katherine Fritzi Getz. Executive compensation and benefits were handled by Donald L. Norman and K.C. Klagos.

Involved fees earner: Robert Fleetwood – Barack Ferrazzano; Katherine Fritzi Getz – Barack Ferrazzano; K.C. Klagos – Barack Ferrazzano; Abdul Mitha – Barack Ferrazzano; Donald Norman Jr. – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: Busey Bank;

Author: Ambrogio Visconti