FIG Has Now Completed 32 M&A Transactions Totaling More Than
$2.2 Billion In Transaction Value Since 2015
ATLANTA, Feb. 6, 2017 — First Busey Corporation (NASDAQ: BUSE), the holding company for Busey Bank, and First Community Financial Partners, Inc. (NASDAQ: FCFP), the holding company for First Community Financial Bank, today announced the signing of a definitive agreement.
First Busey Corporation (Busey) will acquire First Community Financial Partners, Inc. (First Community) through a merger transaction. The transaction is anticipated to close in mid-2017.
Under terms of the agreement, First Community shareholders will receive 0.396 shares of BUSE common stock and $1.35 in cash for each share of FCFP common stock. Based upon Busey’s closing price of $29.33 as of 2/6/2017, the implied per share purchase price is $12.96. The fully-diluted aggregate transaction value is approximately $239.2 million which is 212.1% of FCFP’s 12/31/16 tangible book value and 25.1x FCFP’s 2016 core net income*.
Roy C. Thygesen, First Community’s President and Chief Executive Officer, will continue to lead First Community through the merger. Once the acquisition is completed, Thygesen will be named Busey’s Executive Vice-President and Market President, Northern Illinois.
FIG Partners served as financial advisor to First Community Financial Partners. The FIG team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Paul O’Connor, Principal; and Jason Werner, Vice President.
“Busey is the right strategic partner—one whose employee-focused culture and vision of service excellence aligns perfectly with the principles First Community was founded upon,” said Thygesen. “We are excited that First Community customers will be able to take advantage of an expanded array of sophisticated commercial, consumer and wealth management services and capabilities. As importantly, our combined size gives us the lending capacity to support growth in our clients’ credit needs for years to come, delivered in the community banking approach they have come to expect, by the same bankers they know.”
First Busey President and Chief Executive Officer Van A. Dukeman said, “First Community has solid, experienced leadership, supported by outstanding community-minded commercial and retail banking teams. We look forward to working together to expand into the greater Chicagoland market, and remain committed to providing premier service experiences in the communities where we work and live.”
More information from First Community Financial Partners is available here.
To learn more about FIG Partners, visit www.figpartners.com.
*Excludes certain one-time 2016 items