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Illinois-based First Busey closes Investors' Security Trust deal

Champaign, Ill.-based First Busey Corp. on Sept. 3 completed its acquisition of Fort Myers, Fla.-based wealth management firm Investors' Security Trust Co.

Investors' Security Trust merged into First Busey unit Busey Bank's wealth management division as part of the deal. First Busey said the deal will expand its wealth management market presence in the Cape Coral-Fort Myers, Fla. metropolitan statistical area.

The combined company is set to have six locations in Greater Fort Myers, Fla., and over $9.25 billion in assets under management.

Charles Idelson, president and CEO of Investors' Security Trust, became regional president of First Busey's Florida market under the terms of the deal.

Barack Ferrazzano Kirschbaum & Nagelberg LLP was First Busey's legal counsel in the deal, while Raymond James Silver Lane Advisors served as its financial adviser. Smith Mackinnon PA was Investors' Security Trust's legal counsel and DD&F Consulting Group was the financial adviser in the transaction.