First Busey Corporation Announces the Acquisition of Herget Financial Corp. and Herget Bank, National Association CHAMPAIGN, Ill., Jan. 9, 2015 (GLOBE NEWSWIRE) -- First Busey Corporation ("Busey") (Nasdaq:BUSE), the holding company for Busey Bank, today announced the completion of its previously announced acquisition of Herget Financial Corp. ("Herget Financial"), the holding company for Herget Bank, National Association ("Herget"). Under the terms of the definitive agreement, First Busey acquired 100% of Herget Financial's outstanding common stock for aggregate cash consideration of $34.1 million. Busey will operate Herget as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in the late first quarter of 2015. Herget Financial, which is located in the Peoria-Pekin MSA, had total assets of approximately $279 million as of December 31, 2014. Sheshunoff & Co Investment Banking, L.P. acted as financial advisor to Herget Financial with respect to the transaction and Hunton & Williams LLP acted as Herget Financial's legal counsel. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as Busey's legal counsel. Busey Corporate Profile First Busey Corporation (Nasdaq:BUSE) is a $3.5 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation's wholly-owned bank subsidiary, is also headquartered in Champaign, Illinois and has twenty-eight banking centers serving Illinois, a banking center in Indianapolis, Indiana, and seven banking centers serving southwest Florida. Trevett Capital Partners, a wealth management division of Busey Bank, provides asset management, investment and fiduciary services to high net worth clients in southwest Florida. The wealth management professionals of Trevett Capital Partners can be reached through trevettcapitalpartners.com. Busey Bank had total assets of $3.5 billion as of September 30, 2014. In addition, First Busey Corporation owns a retail payment processing subsidiary, FirsTech, Inc., through Busey Bank, which processes over 22 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 3,000 agent locations in 36 states. More information about FirsTech, Inc. can be found at firstechinc.com. Busey Wealth Management is a wholly-owned subsidiary of First Busey Corporation. Through Busey Trust Company, Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of September 30, 2014, Busey Wealth Management's assets under care were approximately $5.0 billion. For more information about Busey, visit www.busey.com
Economic Development Corporation Announces
Filing for New Enterprise Zone
Decatur, IL – The Economic Development Corporation of Decatur and Macon County (“EDC”) announced that it has filed on behalf of five local units of government an application with the Department of Commerce and Economic Opportunity (“DCEO”) to form a new Enterprise Zone for Decatur and Macon County.
Ryan McCrady, the EDC President, stated, “Decatur and Macon County have had an enterprise zone since 1983. This enterprise zone has supported hundreds of millions of dollars in investment by dozens of companies, large and small, supporting the creation and retention of hundreds of jobs. Under Illinois law all existing enterprise zones are set to expire; our existing enterprise zone will expire in 2016. This process has given us the opportunity to expand the base of participation of local units of government and the areas that will now be eligible for incentives under the enterprise zone.”
Approval of applications for newly established enterprise zones will be based on a set of ten criteria, including factors such as unemployment, poverty, employment opportunities, local infrastructure development activities, career and workforce development programs and local business development improvement plans. McCrady commented, “We believe we have made an exceptionally strong case for approval; and as important as the enterprise zone has been to our past economic development, it is absolutely critical to have this available to us as we enter this upcoming period of extraordinary opportunity for our region.”
The existing enterprise zone is sponsored by the City of Decatur and Macon County as the two local units of government. The proposed enterprise zone adds the Village of Forsyth, the Village of Long Creek and the Village of Mt. Zion. McCrady added, “One of the major local incentives provided under the enterprise zone is the abatement, on a declining basis over five years, of the increase in property taxes that would have resulted from the new investment in approved projects. I am delighted that we have also added new taxing bodies which have agreed to participate as tax abating districts. They recognize the longer-term economic benefit that can be achieved through the enterprise zone.”
In addition to the City of Decatur and Macon County, taxing bodies that participate in the existing enterprise zone are the Argenta-Oreana School District, the Decatur Park District, Decatur Public Schools District 61 and Richland Community College. All of these entities have agreed to continue participation in the newly proposed zone. They are joined by the additional sponsoring local units of government (Village of Forsyth, Village of Long Creek and the Village of Mt. Zion) and by the Maroa-Forsyth School District, Mt. Zion School District and Long Creek Township.
McCrady also noted that the proposed enterprise zone encourages the utilization of local labor resources in projects that benefit from property tax abatement. “The proposed enterprise zone requires sponsors of projects to file a local labor resource plan as part of their request for property tax abatement,” McCrady said. “While each application will be reviewed on a case by case basis, our target is to insure the equitable opportunity for local labor contractors to submit bids for the skilled craft work required by the project and for any non-local contractor who is awarded work related to the construction of approved projects to include the utilization of at least 75% local labor.”
The filing was made on Wednesday, December 31; decisions on the applications are due by September 30, 2015.