First Busey Corporation, holding company of Busey Bank, Champaign, Illinois, is acquiring Merchants and Manufacturers Bank Corporation, the holding company for Merchants & Manufacturers Bank, Joliet, Illinois, in a merger transaction announced on Nov. 27, 2023. The transaction is anticipated to close in the second quarter of 2024. Should it gain regulatory approval, the combined pro forma franchise will have more than 60 full-service locations, including 18 in suburban Chicago markets and one in Indianapolis, with combined assets of $12.7 billion, $8.3 billion in gross loans, $10.7 billion in deposits and more than $11.5 billion in wealth assets under care. Mid-Southern Bancorp Inc., holding company of Mid-Southern Savings Bank, FSB, Salem, announced on Jan. 25 that it would be acquired by Beacon Credit Union, Wabash. Before purchasing the community bank, Beacon was already one of the state’s largest credit unions with 19 branches and five loan production offices, holding $1.5 billion in assets, nearly $1 billion in loans and more than $1.2 billion in member shares and deposits. The credit union will assume all the bank’s assets and its liabilities, except for leaving the bank $10 million of its own assets and paying an additional $45 million as a purchase price. The bank’s holding company will then dissolve and distribute its remaining assets to its shareholders, estimated at the time of the announcement to be between $15-17 per share. The transaction is expected to close in the fourth quarter of 2024, pending regulatory approvals. management services. He joined the company in 2018 and played an integral role in the establishment of its business team. He uses his expertise in public funds and CRE/C&I lending to add value to the bank’s most complex business clients. Collin holds a master’s degree from Purdue University and graduated from Bethel College. He is active in his community, serving on the boards of Junior Achievement (South Adams) and Building Futures of Adams County. Josh Myers Vice President – Member Engagement Indiana Bankers Association JMyers@indiana.bank Josh Myers is responsible for leading the Future Leadership Division, overseeing IBA grassroots advocacy and coordinating member engagement strategies. He first joined the IBA staff in 2009 after serving as an intern with the Indiana Senate Republican Caucus, legislative intern for Bose Public Affairs Group and field manager with the House Republican Campaign Committee. OLD NATIONAL BANCORP MERGERS & ACQUISITIONS Old National Bancorp, holding company of Old National Bank, Evansville, entered into a definitive merger agreement to acquire CapStar Financial Holdings Inc., holding company of CapStar Bank, Nashville, Tennessee, in October 2023. The transaction is anticipated to close in the second quarter of 2024. Should it gain regulatory approval and close as expected, the acquisition will add 22 banking centers to Old National’s portfolio in Tennessee and one in Asheville, North Carolina, representing $3.3 billion in total assets, $2.3 billion in total loans and $2.8 billion in deposits as of Sept. 30, 2023. MARCH/APRIL 2024 19
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