Chicago-based First Busey Corp is acquiring Glenview State Bank and its holding company Cummins-American Corp., both in Glenview, Ill. The cash and stock transaction, set to close in the second quarter, is worth $109.8 million.
Founded in 1921, Glenview State currently has seven branches in the Chicago metro area: Glenview (4), Northbrook, Northfield and Mount Prospect. It has $1.4 billion in assets, $1.2 billion in deposits and $479 million in total loans and leases.
“We believe Busey is the right strategic partner to continue Glenview State Bank’s customer- and community-focus and to help shape the future for the North Shore and Northwest communities for whom we remain committed to serving,” said Paul Jones, chair and CEO of Glenview State.
The combined company will have more than 70 full-service locations, including 60 branches in Illinois, as well as 10 in Missouri, four in Florida and one in Indiana. It will have combined assets of $11.9 billion, $7.6 billion in gross loans, $9.8 billion in deposits and over $10.6 billion in wealth assets under management.
“Being a strong, local community bank for the communities we serve remains a top priority to both Busey and Glenview State Bank. We believe this strategic merger will benefit our clients,” said Van Dukeman, chair, president and CEO of the $10.5 billion First Busey.
Vedder Price P.C. served as legal counsel and Stephens Inc. served as financial advisor to Busey. Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel and Piper Sandler & Co. served as financial advisor to Cummins-American Corp.