First Busey to Merge with Investors’ Security Trust

May 20, 2019

On May 13, 2019, First Busey Corporation announced that it had entered into a definitive merger agreement with Investors’ Security Trust Company.Under the terms of the agreement, Investors’ Security Trust Company (“IST”) will be merged into the wealth management division of Busey Bank, a subsidiary of First Busey Corporation (“Busey”). The transaction is subject to customary closing conditions and approvals, but is expected to close in mid to late 2019. Further terms of the deal were not announced.

IST is a Florida-based wealth management company providing investment, trust and estate management services. It has one office located in Fort Myers, Florida.

Busey (Nasdaq: BUSE) is an Illinois-based financial holding company with $9.54 billion in assets as of March 31, 2019. The Busey Wealth Management division of Busey Bank provides investment, fiduciary and asset management services to individuals, businesses and foundations. Busey was advised in the transaction by Raymond James | Silver Lane Advisors.

To read the press release: please click here.

 


Categories

Investment Manager M&A, Transactions