FIG Partners Advised First Busey Corporation In $305 Million Acquisition Of The Banc Ed Corp.

FIG Has Now Completed 109 M&A Transactions Totaling More Than
$6.7 Billion In Transaction Value

ATLANTA, Aug. 23, 2018 — First Busey Corporation (NASDAQ:BUSE) and The Banc Ed Corp. have announced a definitive merger agreement.

FIG Advised First Busey In $305 Million Acquisition Of The Banc Ed Corp.The Banc Ed Corp.’s subsidiary, TheBANK of Edwardsville, will merge with First Busey Corporation’s Busey Bank. The agreement will enhance Busey’s existing deposit, commercial banking and wealth management presence in the greater St. Louis, Missouri-Illinois Metropolitan Statistical Area (MSA). Busey’s deposit share ranking improves from No. 18 to No. 7 in this MSA. St. Louis is the largest MSA in Missouri and the 27th largest MSA in North America.

Under the terms of the agreement, Banc Ed stockholders will receive 8.2067 shares of common stock of First Busey and $111.53 in cash for each share of common stock of Banc Ed, with total consideration to consist of approximately 70% stock and 30% cash.

Based upon Busey’s closing share price of $31.89 on August 21, 2018, the implied per share purchase price is $373.24 with an aggregate transaction value of approximately $304.9 million. The transaction is expected to close in Q4 2018 or early Q1 2019.

Busey will serve customers through 82 full-service locations, including 62 branches across Illinois, 14 in Missouri, five in Florida and one in Indiana. Busey will have combined assets of $9.6 billion.

Busey President and Chief Executive Officer Van A. Dukeman said, “Being a strong, local community bank for the communities we serve is important to both Busey and TheBANK. Combining our like-minded, 150-year organizations together as one will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence. Further, this business combination supports our strategic intention of increasing market share through partnerships with organizations whom have strong core deposit funding, solid commercial banking and credit practices, and a tradition of serving wealth management clients for generations.”

The FIG team included Greg Gersack and Matthew Veneri, Senior Managing Principals and Co-Heads of Investment Banking, and Jason Werner, Vice President.

More information is available here.

Since 2003, FIG has been the trusted advisor to community banks and investors. To learn more about FIG’s investment banking services, visit www.figpartners.com.

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