Champaign-based bank acquires First Community

First Busey Corp. of Champaign, the holding company for Busey Bank, will acquire Joliet-based First Community Financial Partners, the holding company for First Community Financial Bank.

Under the terms of the agreement, First Community shareholders will receive 0.396 shares of First Busey common stock and $1.35 in cash for each share of First Community common stock. Based upon Busey's 5-day volume weighted average closing price of $29.31 as of February 3, 2017, the implied per share purchase price is $12.95 with an aggregate transaction value of approximately $235.8 million.

The transaction is expect to close in mid-2017, with First Community banks becoming Busey Bank by late 2017.

The acquisition provides Busey entrance into the demographically and economically attractive southwest suburban markets of the greater Chicagoland area, the company said in a release.

"This business combination is consistent with our strategy of expanding into markets with both population and commercial density in the Midwest through disciplined partnerships with companies who have similar operating and cultural philosophies," said First Busey President and CEO Van A. Dukeman said.

Roy C. Thygesen, First Community's president and CEO, will become Busey Bank's executive vice-president and market president, Northern Illinois.

Founded in 2004, and with more than $1.26 billion in assets, First Community operates as a state chartered commercial bank with nine branches in Will, DuPage and Grundy counties.