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Deal Overview

Buyer:
First Busey Corporation
Actual Acquirer:
First Busey Corporation
Target:
Herget Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/25/2014
Announcement Date:
9/26/2014
Announced Deal Value ($ M):
34.10
Status:
Completed
Completion Date:
1/8/2015
Announced Deal Value Per Share ($ )
588.00

Consideration Breakout
Cash ($M) 34.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 109.8 110.6
Price / Tangible Book (%) 111.5 112.3
Price / Earnings (x) 32.6 NM
Price / Deposits (%) 14.07 13.80
Price / Assets (%) 16.76 16.37
Tangible Book Premium/ Deposits (%) 1.64 1.68
Deal Terms
Description of Consideration

First Busey Corp. paid $588.00 in cash for each of the outstanding share of Herget Financial Corp. In addition, prior to the consummation Herget Bank NA paid a dividend of $70.00 million to Herget Financial Corp. Target's financials are for Herget Bank NA.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 5,724
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 854
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 3,037
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller Yes Hunton Andrews Kurth LLP