First Busey finalizes acquisition of Merchants and Manufacturers

First Busey Corporation announced the completion of its acquisition of Merchants and Manufacturers Bank Corporation, the holding company for Merchants and Manufacturers Bank, effective April 1, 2024. The transaction was previously announced on November 27, 2023. At the effective time of the merger, each share of M&M common stock converted to the right to receive, at the election of each shareholder, and subject to proration and adjustment as provided in the merger agreement, $117.74 in cash, 5.7294 shares of Busey common stock, or mixed consideration of $34.55 in cash and 4.0481 shares of Busey common stock, with total consideration consisting of approximately $12.2 million in cash and 1,429,324 shares of Busey common stock. Busey will operate M&M Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in June 2024. Busey Chairman, President and Chief Executive Officer Van A. Dukeman said, “Through this partnership, Busey and M&M will advance our community banking culture through our shared, longstanding commitments to supporting our associates, customers and communities. Our combined franchise benefits our clients through enhanced capabilities and products, including M&M’s Life Equity Loan product, while a growing, dynamic organization presents more professional growth opportunities for associates.”