Return to Mergers & Acquisitions

Deal Overview

Buyer:
First Busey Corporation
Actual Acquirer:
First Busey Corporation
Target:
Banc Ed Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/21/2018
Announcement Date:
8/22/2018
Announced Deal Value ($ M):
304.91
Status:
Completed
Completion Date:
1/31/2019
Announced Deal Value Per Share ($ )
373.24

Consideration Breakout
Cash ($M) 91.1
Common Stock ($M) 170.2
Common Stock Issued 6,725,152

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 159.0 129.7
Price / Tangible Book (%) 164.0 137.7
Price / Earnings (x) 23.3 16.0
Price / Deposits (%) 19.41 17.73
Price / Assets (%) 16.45 14.89
Tangible Book Premium/ Deposits (%) 7.71 5.45
Deal Terms
Description of Consideration

First Busey Corp. paid $111.53 in cash and exchanged 8.2067 shares of its common stock for each of the outstanding share of Banc Ed Corp. Target financials are for Bank of Edwardsville.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 46,658
Estimated Cost Savings (%) 31.00
Estimated Cost Savings ($ 000) 15,280
Est. Restructuring Charges ($ 000) 29,100
Maximum Termination Fee ($ 000) 11,520
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 8.206700
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 32,617
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes FIG Partners LLC
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller Yes Howard & Howard Attorneys PLLC