First Busey Corporation Finalizes Acquisition Of Merchants And Manufacturers Bank Corporation And Merchants And Manufacturers Bank
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First Busey Corporation (BUSE) has completed its acquisition of Merchants and Manufacturers Bank Corporation (M&M), effective April 1, 2024. The deal includes a mix of cash and stock, totaling approximately $12.2 million in cash and 1,429,324 shares of Busey common stock. Busey will operate M&M Bank as a separate entity until a merger in June 2024, which will expand Busey's footprint to 62 full-service locations across several states. The acquisition enhances Busey's deposit, commercial banking, and wealth management presence, particularly in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area, improving its deposit share ranking significantly. Both companies emphasize their commitment to community banking and customer service excellence.
April 01, 2024 | 1:07 pm
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First Busey Corporation has completed its acquisition of Merchants and Manufacturers Bank Corporation, significantly expanding its service network and enhancing its market presence in strategic areas. This move is expected to strengthen Busey's competitive position in the banking sector, particularly in Illinois and the broader Chicago-Naperville-Elgin MSA.
The acquisition of M&M Bank by Busey is a significant strategic move that not only expands Busey's geographic footprint but also enhances its product offerings and customer base. The transaction, which includes a mix of cash and stock, is expected to have a positive impact on Busey's financials and market position, particularly in the competitive Chicago-Naperville-Elgin MSA. The emphasis on community banking and customer service excellence, along with the improved deposit share ranking, suggests a positive outlook for Busey's growth and profitability in the short term.
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