First Busey closes acquisition of M&M Bank for $12.2M cash plus 1.43M shares

FIRST BUSEY CORP /NV/

Consideration: $12.2M cash and 1,429,324 Busey shares; per M&M share options of $117.74 cash, 5.7294 Busey shares, or mixed.
M&M Bank to operate as separate subsidiary until merged into Busey Bank expected June 2024; Joliet office to close.
Pro forma combined: $12.8B assets, $8.1B loans, $10.7B deposits, $12.1B wealth assets under care as of Dec 31, 2023.
M&M adds $0.5B assets; strengthens Busey's Chicago MSA deposit share to #8 (excluding >$100B institutions).
Combined franchise serves 62 full-service locations across IL, MO, FL, IN.

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