Return to Mergers & Acquisitions

Deal Overview

Buyer:
First Busey Corporation
Actual Acquirer:
First Busey Corporation
Target:
Mid Illinois Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/13/2017
Announcement Date:
3/13/2017
Announced Deal Value ($ M):
133.44
Status:
Completed
Completion Date:
10/1/2017
Announced Deal Value Per Share ($ )
225.30

Consideration Breakout
Cash ($M) 40.5
Common Stock ($M) 97.7
Common Stock Issued 3,115,503

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 167.0 166.2
Price / Tangible Book (%) 167.0 166.2
Price / Earnings (x) 19.6 20.1
Price / Deposits (%) 25.58 26.78
Price / Assets (%) 20.07 20.85
Tangible Book Premium/ Deposits (%) 11.72 12.03
Deal Terms
Description of Consideration

First Busey Corp. paid $227.94 per share in cash or exchanged 7.5149 shares of its common stock for each outstanding share of Mid Illinois Bancorp Inc., subject to 70% of the consideration being paid in stock. Target financials are for South Side Trust & Savings Bank of Peoria. First Busey Corp. also assumed Mid Illinois Bancorp Inc.’s Debt Instruments.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 48,889
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 6,666
Est. Restructuring Charges ($ 000) 10,000
Maximum Termination Fee ($ 000) 5,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 7.514900
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) 11,531
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Stephens Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller Yes Howard & Howard Attorneys PLLC