TheBANK of Edwardsville customers will notice a name change in the coming months after a banking group based in central Illinois merges with the locally owned company.
In the deal worth $304.9 million, Champaign-based Busey Bank will grow its banking power in the St. Louis region. The agreement is expected to be finalized later this year or early next year.
After the final agreement, TheBANK branches will become Busey Bank branches, but customers will be able to work with the same bankers, TheBANK President and Chief Executive Officer Kevin Powers said in a news release Wednesday.
Other changes to services or staff haven’t yet been determined, according to a spokeswoman for Busey, but will be finalized as the merger process continues. Customers will receive notice well in advance of any changes as the deal comes to a close, the spokeswoman said.
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With 360 employees, 19 branch locations and one loan production office, TheBANK gained significant footing in the St. Louis region since its founding in 1868. Busey Bank already has a presence in the St. Louis region with 13 branches.
The merger will bring Busey’s branch count to 82, with 62 branches in Illinois, 14 in Missouri, five in Florida and one in Indiana.
There are 20 branches in the St. Louis region, including Alton, Belleville, Bethalto, Clayton, Missouri, Collinsville, Edwardsville, Fairmont City, Glen Carbon, Granite City, Highland, O’Fallon, St. Charles, Missouri, Swansea, Troy and Wood River.
The merger came after Busey Bank CEO Van Dukeman approached TheBANK leaders about a possible partnership, said TheBANK Board Chairman Mark Shashek.
“The senior leadership of TheBANK and Busey have admired each other’s institutions for decades,” Shashek said in a prepared statement.
Busey Bank is a subsidiary of First Busey Corp., a financial holding company worth $7.8 billion headquartered in Champaign. Busey announced its plans to buy Creve Coeur, Missouri-based Pulaski Financial Corp. in 2015.
TheBANK of Edwardsville is a subsidiary of The Banc Ed Corp.