First Busey, the holding company for Busey Bank, has announced the completion of its previously announced acquisition of Herget Financial, the holding company for Herget Bank, National Association.
Under the terms of the definitive agreement, First Busey acquired 100% of Herget Financial’s outstanding common stock for aggregate cash consideration of $34.1 million.
Busey will operate Herget as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in the late first quarter of 2015.
Herget Financial, which is located in the Peoria-Pekin MSA, had total assets of approximately $279 million as of December 31, 2014.
Sheshunoff & Co Investment Banking acted as financial advisor to Herget Financial with respect to the transaction and Hunton & Williams acted as Herget Financial’s legal counsel.