Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel and Raymond James | Silver Lane Advisors served as financial advisor to Busey. Smith Mackinnon, PA served as legal counsel and DD&F Consulting Group served as financial advisor to IST.
First Busey Corporation (BUSE), the holding company for Busey Bank, and Investors’ Security Trust Company signed a a definitive merger agreement pursuant to which IST will be merged with and into the wealth management division of Busey Bank. The partnership will enhance Busey’s and IST’s existing wealth management presence in the Cape Coral-Fort Myers, FL Metropolitan Statistical Area (MSA). Additionally, through a combined pro forma franchise of six locations in the greater Fort Myers area, the combined organization adds a broad range of banking services and delivery systems that complement the service offerings of IST, allowing us to further meet clients’ growing financial needs.
Through this transaction, Busey and IST broaden the expertise and level of service available to clients—from individuals and families to institutions and foundations—and remain committed to their founding principles of being active community stewards and providing the highest level of personal service to clients delivered by experienced, local professionals.
It is anticipated that IST will be merged with and into the wealth management division of Busey Bank in mid to late 2019, subject to customary closing conditions and required approvals, with combined assets under management of more than $9.25 billion. IST currently employs 20 associates and has one location at 5246 Red Cedar Drive #101, Fort Myers, Florida.
Barack Ferrazzano acted as legal counsel for First Busey Corporation with Robert M. Fleetwood (Picture), Brent McCauley, Neil R. Patel, K.C. Klagos and Alice Lin.
Law Firms: Barack Ferrazzano;
Clients: First Busey Corporation;