Busey Bank Acquires Glenview State Bank In $191M Merger

Glenview IL

22 January, 2021

11:12 AM

Description

GLENVIEW, IL — In the midst of celebrating its 100th year of operation, the parent company of Glenview State Bank announced last week it is merging with the parent company of Champaign-based Busey Bank. As first reported by Crain's Chicago Business, the holding company for Busey will acquire Cummins-American Corp and Glenview State Bank in an estimated $191 million deal. The transaction is expected to close in the second quarter of 2021, Glenview State Bank confirmed on its website. The deal, according to Glenview State Bank, is subject to customary closing conditions and required approvals, including the approval of CAC's shareholders of the transaction. Glenview State Bank said the move will "enhance Busey's existing deposit, commercial banking and wealth management presence" in the Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin Metropolitan Statistical Area. Through this transaction, Busey's deposit share ranking improves from No. 32 to No. 20 in this MSA. Chicagoland is the largest MSA in Illinois and the Midwest, including the Illinois counties of Cook, DuPage, Will, McHenry, Grundy, Lake, Kane, Kendall and DeKalb; Kenosha County in Wisconsin; and the Indiana counties of Lake, Porter, Jasper and Newton. Glenview State Bank includes four branches in Glenview, along with single branches in Northbrook, Northfield and Mount Prospect. The first bank building was built at 1825 Glenview Road, site of the former Bess Hardware, and officially opened on May 17, 1921. Stay Patched In! Get Patch real-time email alerts for the latest Glenview newsCheck out the Events Calendar for what's going on in GlenviewLike our Crime page on FacebookLike the Glenview Patch on FacebookPatch Mobile: Get app for iPhone and Android