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First Busey, Banc Ed merger receives approval from Fed

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First Busey, Banc Ed merger receives approval from Fed

The Federal Reserve Board approved the acquisition of Bank of Edwardsville by First Busey Corp., paving the way for the Bank of Edwardsville to be merged into Busey Bank.

Banc Ed Corp., the parent company of Bank of Edwardsville, will merge into First Busey as a result of the merger agreement.

The deal , valued at $304.9 million, was approved by the Illinois Department of Financial and Professional Regulation on Oct. 30, 2018, and is expected to close in the first quarter.