First Busey Corporation | Stephens

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Financial Advisor and Fairness Opinion

First Busey Corporation

$190.8 Million 01/19/2021 Depository Pending
Public Companies
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Transaction Details

  • On January 19, 2021, First Busey Corporation (“Busey”) announced the signing of a definitive agreement with Cummins-American Corp., the holding company of Glenview State Bank (collectively “Cummins-American”)
  • Under the terms of the agreement, Cummins-American shareholders will have the right to receive 444.4783 shares of Busey’s common stock and $27,969.67 in cash for each share of common stock of Cummins-American
  • Cummins-American has provided banking and financial services in the Chicago area since 1921 through its wholly-owned subsidiary, Glenview State Bank
  • As of September 30, 2020, Cummins-American reported total assets of $1.4 billion, total loans of $478.5 million, total deposits of $1.2 billion, and approximately $1.1 billion in AUM
  • The transaction is expected to close in the first half of 2021
Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
  1. Note: Reflects financial data as of September 30, 2020.

    1) Based on BUSE stock price of $23.54 as of January 15, 2021.

    2) LTM 9/30/2020 consolidated net income adjusted for realized gains on securities and one-time, non-core expenses.

    3) Reflects Cummins-American bank-level regulatory financials as of 9/30/2020.

    4) Adjusted for C-Corp status and tax-effected at 25%.

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