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Busey Bank seeks FDIC approval for unit's dissolution

Busey Bank has filed for the Federal Deposit Insurance Corp.'s approval for the bank's acquisition of Mid Illinois Insurance Services Inc.'s assets and liabilities upon the company's dissolution.

The Champaign, Ill.-based bank owns 100% of the stock of Peoria, Ill.-based Mid Illinois Insurance Services, which is a former insurance agency that sold its assets and is not active.

Busey Bank proposed for the voluntary dissolution of Mid Illinois Insurance Services and the transfer of its remaining assets and liabilities to the bank.

The company hopes the dissolution will be effective as soon as possible. Mid Illinois Insurance Services' plan of liquidation states that it will completely liquidate on or about Dec. 31.

Busey Bank expects its financial condition and regulatory capital to be unaffected by the dissolution.