First Busey, Investors' Security Trust Company sign merger agreement
First Busey and Investors' Security Trust Company jointly announced the signing of a definitive merger agreement pursuant to which IST will be merged with and into the wealth management division of Busey Bank. The partnership will enhance Busey's and IST's existing wealth management presence in the Cape Coral-Fort Myers, FL Metropolitan Statistical Area. Additionally, through a combined pro forma franchise of six locations in the greater Fort Myers area, the combined organization adds a broad range of banking services and delivery systems that complement the service offerings of IST, allowing us to further meet clients' growing financial needs. It is anticipated that IST will be merged with and into the wealth management division of Busey Bank in mid to late 2019, subject to customary closing conditions and required approvals, with combined assets under management of more than $9.25B.