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- SEC Filing
As previously announced, on November 27, 2023, First Busey Corporation, a Nevada corporation ("First Busey") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Merchants and Manufacturers Bank Corporation, an Illinois corporation ("M&M"). Pursuant to the terms of the Merger Agreement, M&M will merge with and into First Busey, with First Busey as the surviving corporation (the "Merger").
On March 20, 2024, M&M's shareholders voted to approve the Merger Agreement. Moreover, First Busey has received approval of the Merger from the Board of Governors of the Federal Reserve System. This approval was contingent on First Busey receiving all other regulatory approvals, including approval from the Federal Deposit Insurance Corporation and the Illinois Department of Financial and Professional Regulation, which have also been received.
The Merger is anticipated to be completed on April 1, 2024, and remains subject to the satisfaction of customary closing conditions. At a date following the completion of the Merger, First Busey intends to merge Merchants and Manufacturers Bank, M&M's wholly-owned bank subsidiary, with and into Busey Bank, First Busey's wholly-owned bank subsidiary, with Busey Bank as the surviving bank.
Posted In: BUSE
