Glenview State Bank to be sold to Champaign bank's parent
The parent of Champaign-based Busey Bank is acquiring the parent of Glenview State Bank in a $191 million deal, Crain's Chicago Business is reporting.
Busey Bank is mainly a downstate lender that entered the Chicago market in 2017 via the purchase of Joliet's First Community Financial Partners, which was about the same size as Glenview State Bank is now, Crain's reports. Now it will take over the Glenview bank's $1.4 billion in assets. The deal is in the form of cash and stock, with about three-quarters of the price in cash, Crain's says.
Glenview State Bank CEO Paul A. Jones opted not to auction the bank and instead worked exclusively with Busey, Crain's reports industry sources said. In a release, Jones called Busey "the right strategic partner to continue Glenview State Bank's customer- and community-focus."
"I'm happy for the Jones family, and I hope the successor company, Busey, will see fit to continue to reinvest in the community," said Glenview Village President Jim Patterson. "Glenview State Bank has been a longtime supporter of the community in many ways."
The bank has its majestic main branch, with historical murals adorning second-floor walls, in downtown Glenview, and it has other two other branches in Glenview as well as sites in Northbrook, Northfield and Mount Prospect (called Mount Prospect State Bank).
"Glenview State Bank has had a long and storied history in the village," said Glenview communications manager Lynne Stiefel. "It was there when the village was first developing. I can remember when its original building on Glenview Road was kind of the heart of the community way back then. We hope it remains a local presence under the new ownership."
Glenview State Bank is celebrating its 100th anniversary this year.
"On May 17, 1921, Glenview State Bank was born," the bank says on its website. "For the past 100 years, GSB has enjoyed the privilege of serving Glenview and its surrounding communities as an Independently-owned financial institution." The bank, which touts customers' ability to always reach a real person, is asking customers to share their memories, and some already have.
"Being a strong, local community bank for the communities we serve remains a top priority to both Busey and Glenview State Bank," Busey CEO Van A. Dukeman said in a release. "We believe this strategic merger will benefit our clients through enhanced capabilities and products in commercial banking, wealth management and depository services."
The branches will be branded as Busey Bank after the deal closes, which the banks anticipate will occur in the second quarter, Crain's reports.
The transaction with Busey will vault the Champaign-based bank to nearly $12 billion in assets. In 2017, when it struck the deal in Joliet, it was less than half that size, at $5.4 billion, Crain's reports.
"The Glenview Chamber looks forward to a continued strong, supportive relationship as we've had with Glenview State Bank for countless years," said Glenview Chamber of Commerce Executive Director Betsy Baer.
"Personally, I have been honored to work with Paul (Jones) and have appreciated all that Glenview State Bank has contributed to our community and our chamber," she said. "I'm looking forward to that continuation."