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US Bank Buys South Florida Firm
The purchase price of the deal wasn't disclosed.
First Busey Corporation, the US-listed holding company for Busey Bank, and Investors’ Security Trust Company, have agreed to merge IST with the wealth arm of Busey Bank, bolstering both firms' presence in southern Florida.
The merged entity will have a combined total of more than $9.25 billion of assets under management.
The firms expect that IST will be merged with and into the wealth management division of Busey Bank in the middle or the end of this year, depending on the usual closing conditions and approvals.
IST employs 20 associates and has one location at 5246 Red Cedar Drive #101, Fort Myers, Florida.
"IST is a premier wealth advisory group, further complementing one another’s strengths to deliver a preeminent bank, trust and wealth advisory solution in Southwest Florida and beyond," Van A Dukeman, First Busey Corporation president and chief executive, said.
Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel and Raymond James | Silver Lane Advisors served as financial advisor to Busey. Smith Mackinnon, PA served as legal counsel and DD&F Consulting Group served as financial advisor to IST.
First Busey Corp is based in Champaign, Illinois.
