First Busey Corporation (NASDAQ:BUSE) Files An 8-K Other EventsItem 8.01 Other Events.
As previously announced, on March 13, 2017, First Busey Corporation, a Nevada corporation ("First Busey"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with Mid Illinois Bancorp, Inc., an Illinois corporation ("Mid Illinois"), to which Mid Illinois will merge into First Busey, with First Busey as the surviving corporation (the"Merger"). First Busey had received approval of the Merger from the Board of Governors of the Federal Reserve System, which was contingent on First Busey receiving all other regulatory approvals, including approval from the bank regulators of the bank merger, which now have been received. Moreover, Mid Illinois' shareholders have voted to approve the Merger Agreement.
The Merger is anticipated to be completed on October 1, 2017, and remains subject to the satisfaction of customary closing conditions. At a date following the completion of the Merger, First Busey intends to merge South Side Trust & Savings Bank of Peoria ("South Side"), Mid Illinois's wholly-owned bank subsidiary, with and into Busey Bank, First Busey's wholly-owned bank subsidiary, with Busey Bank as the surviving bank (the "Bank Merger"). At the time of the Bank Merger, South Side's banking offices will become branches of Busey Bank.
This Current Report on Form 8-K includesforward lookingstatements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements include but are not limited to comments with respect to the objectives and strategies and business of First Busey.
Theseforward lookingstatements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and otherforward-lookingstatements will not be achieved. First Busey cautions you not to place undue reliance on theseforward-lookingstatements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in suchforward lookingstatements.
About First Busey Corporation (NASDAQ:BUSE)
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank). It operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida. The Remittance Processing segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management segment provides a range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services, and farm and brokerage services.