CHAMPAIGN — First Busey Corp. is buying a Chicago-area bank for about $191 million.
First Busey Corp., the parent company of Busey Bank, announced Tuesday its purchase of Cummins- American Corp., parent of Glenview State Bank.
Glenview State Bank has seven branches in the northwestern suburbs of Chicago with about $1.4 billion in assets. With the purchase, which consists of about 73 percent cash and 27 percent stock, First Busey will have combined assets of $11.9 billion.
First Busey expects to improve its deposit share in the Chicagoland metro area from 32nd to 20th. The transaction is expected to close in the second quarter of this year, after which Glenview State Bank’s branches will become Busey Bank.
Once completed, Busey will have more than 70 branches, with 60 in Illinois, 10 in Missouri, four in Florida and one in Indiana.
With Glenview, Busey is now well above the $10 billion asset mark, a threshold it crossed last year. Once banks reach $10 billion in assets, they are subject to more vigorous stress testing to determine their health and can’t charge as high of payment-processing fees. They also become subject to oversight from the Consumer Financial Protection Bureau.
The addition of Glenview State Bank is the second major purchase of a Chicago-area bank in recent years by First Busey. In 2017, it bought Joliet-based First Community Financial Partners, which had nine branches in the southwest suburbs, for about $240 million.