First Busey Corporation (NASDAQ:BUSE), the holding company for Busey Bank, and Merchants and Manufacturers Bank Corporation (M&M), the holding company for Merchants & Manufacturers Bank (M&M Bank), jointly announced a definitive agreement for Busey to acquire M&M Bank. The merger is set to enhance Busey’s presence in the suburban Chicago market, specifically in DuPage and Will Counties, and improve its commercial banking and wealth management capabilities.

Terms of the Merger Agreement

Under the merger terms, M&M’s stockholders will have the option to receive either $117.74 in cash, 5.7294 shares of Busey common stock, or a mix of cash and stock. The deal, valued at approximately $41.6 million, is subject to shareholder and regulatory approvals and is expected to close in the second quarter of 2024.

Enhanced Banking Services and Community Focus

M&M Bank, known for its business banking expertise and community involvement, will be merged with Busey Bank following the completion of the merger. The combined entity will operate more than 60 full-service locations, with an impressive asset base and a broad range of banking and wealth management services.

Comments from Busey and M&M Executives

Busey’s Chairman, President, and CEO, Van A. Dukeman, highlighted the merger’s potential to pair Busey’s regional approach with M&M’s specialized products. M&M’s CEO and Director, Brad W. Butler, expressed confidence in Busey as the right strategic partner to continue M&M Bank’s customer- and community-focused approach.

Busey’s Commitment to Workplace Excellence and Community Service

Busey has a track record of recognition for its workplace environment and community service, underlining its commitment to building a premier, service-oriented, community banking experience.

Legal and Financial Advisors in the Merger

Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to Busey, while ArentFox Schiff LLP and Keefe, Bruyette & Woods, Inc., a Stifel Company, advised M&M.

First Busey Corporation and Merchants and Manufacturers Bank Corporation Overview

First Busey Corporation is a significant financial holding company, with Busey Bank offering a range of banking and wealth management services. Merchants and Manufacturers Bank Corporation, established in 1969, focuses on serving privately held manufacturers and distributors in the Greater Chicago area.

  Banking acquisition news, Banking industry news, Brad W. Butler, Busey Bank, Chicago, First Busey Corporation, M&M Bank, Merchants and Manufacturers Bank, USA, Van A. Dukeman