First Busey Corporation (“Busey”) (NASDAQ:BUSE), the holding
company for Busey Bank, today announced the completion of its
previously announced merger with First Community Financial
Partners, Inc. (“First Community”) (NASDAQ:FCFP), the holding
company for First Community Financial Bank. The transaction was
announced on February 6, 2017.
Under the terms of the definitive agreement, at the effective
time of the merger, each share of First Community common stock
issued and outstanding as of the effective time was converted into
and constituted the right to receive 0.396 shares of Busey common
stock and $1.35 in cash. Based on Busey’s five-day volume weighted
average closing price of $29.27 on June 30, 2017, the implied per
share purchase price was $12.94 with an aggregate transaction value
of approximately $235.5 million. Busey will operate First Community
Financial Bank as a separate banking subsidiary of Busey until it
is merged with Busey Bank, which is expected to occur in the fourth
quarter of 2017.
First Busey President and Chief Executive Officer Van A. Dukeman
said, “This business combination is consistent with our strategy of
expanding into markets with both population and commercial density
in the Midwest through disciplined partnerships with companies who
have similar operating and cultural philosophies. Joining together
with First Community offers significant growth possibilities for
the combined associate, customer, community and shareholder
base.”
First Community had total consolidated assets of $1.34 billion,
total loans of $1.05 billion and total deposits of $1.11 billion as
of March 31, 2017.
Roy C. Thygesen, Chief Executive Officer of First Community,
said, “We are excited First Community customers will be able to
take advantage of an expanded array of 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
experienced professionals they know and trust.”
Both companies value an engaged and empowered workforce and are
committed to building a premier, service-oriented, community
experience. Busey has been consistently recognized among the
Best Places to Work in Illinois since 2016 by Best
Companies Group and additional partners, as well as named one of
the 2016 Best Banks to Work For by American Banker
magazine. Further, both Busey and First Community were named among
the top performing small-cap banks and thrifts—Sm-All
Stars—by Sandler O’Neill + Partners, L.P. in 2016; they
were two of only 26 selected in the nation, and the only two
Illinois banks to be named.
Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal
counsel to First Busey Corporation and Stephens Inc. served as
financial advisor and provided a fairness opinion to First Busey
Corporation. Howard & Howard Attorneys PLLC served as legal
counsel to First Community Financial Partners, Inc. and FIG
Partners served as financial advisor and provided a fairness
opinion to First Community Financial Partners, Inc.
Busey Corporate ProfileFollowing the merger,
First Busey Corporation (NASDAQ:BUSE) is an approximately $7
billion financial holding company headquartered in Champaign,
Illinois. Busey Bank, First Busey Corporation’s wholly-owned bank
subsidiary, is also headquartered in Champaign, Illinois and has
twenty-eight banking centers serving Illinois, thirteen banking
centers in the St. Louis, Missouri metropolitan area, five banking
centers serving southwest Florida and a banking center in
Indianapolis, Indiana. Busey Bank also offers mortgage loan
products through fifteen loan production offices in the St. Louis,
Kansas City, Chicago, Omaha-Council Bluffs metropolitan areas and
across the Midwest. Trevett Capital Partners, a wealth management
division of Busey Bank, provides asset management, investment and
fiduciary services to high net worth clients in southwest
Florida. Busey Bank had total assets of $5.4 billion as of
March 31, 2017.
First Community Financial Bank, First Busey Corporation’s
wholly-owned bank subsidiary acquired in the merger, is
headquartered in Joliet, Illinois. First Community Financial Bank
has nine locations in Joliet, Plainfield, Homer Glen, Channahon,
Naperville, Burr Ridge, Mazon, Braidwood, and Diamond,
Illinois.
In addition, First Busey Corporation owns a payment processing
subsidiary, FirsTech, Inc., through Busey Bank, which processes
over 27 million transactions per year using online bill payment,
lockbox processing and walk-in payments at its 3,000 agent
locations in 36 states.
Busey Wealth Management, Inc. is a wholly-owned subsidiary of
First Busey Corporation. Through Busey Trust Company, Busey Wealth
Management provides asset management, investment and fiduciary
services to individuals, businesses and foundations. As of March
31, 2017, Busey Wealth Management’s assets under care were
approximately $5.5 billion.
For more information about us, visit www.busey.com.
Special Note Concerning Forward-Looking
StatementsStatements made in this report, other than those
concerning historical financial information, may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, plans, objectives,
future performance and business of First Busey.
Forward-looking statements, which may be based upon beliefs,
expectations and assumptions of First Busey’s management and on
information currently available to management, are generally
identifiable by the use of words such as “believe,” “expect,”
“anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,”
“could,” “should” or other similar expressions. Additionally,
all statements in this document, including forward-looking
statements, speak only as of the date they are made, and we
undertake no obligation to update any statement in light of new
information or future events. A number of factors, many of
which are beyond our ability to control or predict, could cause
actual results to differ materially from those in our
forward-looking statements. These factors include, among
others, the following: (i) the strength of the local, national
and international economy; (ii) the economic impact of any
future terrorist threats or attacks; (iii) changes in state
and federal laws, regulations and governmental policies concerning
First Busey’s general business (including the impact of the
Dodd-Frank Act and the extensive regulations to be promulgated
thereunder, as well as the Basel III Rules); (iv) changes in
interest rates and prepayment rates of First Busey’s assets;
(v) increased competition in the financial services sector and
the inability to attract new customers; (vi) changes in
technology and the ability to develop and maintain secure and
reliable electronic systems; (vii) the loss of key executives
or employees; (viii) changes in consumer spending;
(ix) unexpected results of current and/or future acquisitions,
which may include failure to realize the anticipated benefits of
the acquisition and the possibility that the transaction costs may
be greater than anticipated; (x) unexpected outcomes of existing or
new litigation involving First Busey; (xi) changes in
accounting policies and practices; and (xii) the economic impact of
exceptional weather occurrences such as tornadoes, hurricanes,
floods, and blizzards. These risks and uncertainties should
be considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. Additional
information concerning First Busey and its business, including
additional factors that could materially affect its financial
results, is included in First Busey’s filings with the Securities
and Exchange Commission.
CONTACT:
Amy Randolph
217.365.4049
amy.randolph@busey.com
First Community Financial (NASDAQ:FCFP)
Historical Stock Chart
From Apr 2024 to May 2024
First Community Financial (NASDAQ:FCFP)
Historical Stock Chart
From May 2023 to May 2024