Busey Bank, Champaign, Ill., has completed its second merger of the year, most recently with South Side Trust & Savings Bank, Peoria, Ill., and one this summer with First Community Financial Bank, Joliet, Ill.
Busey will operate South Side and First Community as separate banking subsidiaries until all operations are fully merged, which is anticipated to occur in the fourth quarter of this year and the first quarter of 2018, respectively.
“South Side is the premier community bank in Peoria with a 95 year history and deep ties to the communities it serves,” said Van A. Dukeman, Busey president and CEO. Dukeman said the $668 million South Side has a “uniquely attractive” deposit franchise, and trust and investment business in Peoria.
“Busey is a natural partner for [South Side] because it understands the Peoria market,” said Mark Joseph, South Side holding company Mid Illinois’ president and CEO.
Busey currently operates five branches within the Peoria area. Dukeman said the area has significant professional, insurance, health care, information technology and manufacturing sectors. Joseph will continue to lead the greater Peoria market once the acquisition is completed as commercial market president.
Earlier this year, Dukeman called the $1.34 billion First Community merger a key component of the bank’s regional growth goals.