
Busey Bank has merged with Heartland Bank and Trust Company. The merger was completed on January 1, 2022. This change will affect customers of both banks.
The combined bank will operate under the Busey Bank name. Customers of Heartland Bank will now have access to Busey Bank's services and locations.
For more insights, see: Busey Bank Rantoul Illinois
Merger Details
The merger between Busey Bank and Glenview State Bank is a significant one, with a price tag of $191 million. This deal is expected to close in the second quarter of 2021.
Busey's deposit share ranking will improve from No. 32 to No. 20 in the Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin Metropolitan Statistical Area. Chicagoland is the largest MSA in Illinois and the Midwest.
The acquisition will enhance Busey's existing deposit, commercial banking, and wealth management presence in the Chicago area.
Glenview State Bank in $191M Merger
Glenview State Bank is merging with Busey Bank in a $191 million deal. The transaction is expected to close in the second quarter of 2021.

The holding company for Busey will acquire Cummins-American Corp and Glenview State Bank. This move will "enhance Busey’s existing deposit, commercial banking and wealth management presence" in the Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin Metropolitan Statistical Area.
Glenview State Bank has four branches in Glenview, along with single branches in Northbrook, Northfield, and Mount Prospect. The first bank building was built at 1825 Glenview Road and officially opened on May 17, 1921.
Busey's deposit share ranking improves from No. 32 to No. 20 in the Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin Metropolitan Statistical Area.
Related reading: List of Banks That Have Merged to Form the State Bank of India
Transaction Details
The transaction details of the merger are pretty straightforward. The deal is expected to close in early 2025, pending shareholder and regulatory approvals.
The ownership structure of the combined company will be divided among the two companies' shareholders. Busey shareholders will hold 63.5% of the combined company, while CrossFirst shareholders will own 36.5%.
The holding company's headquarters will be relocated to Leawood, Kansas, but Busey Bank's operational headquarters will remain in Illinois.
Expert Analysis

The First Busey-CrossFirst merger is a game-changer, with the combined institution commanding $17 billion in deposits.
The merged entity will have a diverse funding base, which should lead to an enhanced net interest margin. This is a major advantage for the bank, as it will be better positioned to compete in the market.
The merger's financial metrics are attractive, with the combined institution expected to benefit from improved operational efficiency through economies of scale. This means that the bank will be able to reduce costs and increase productivity.
The expansion into new markets and product channels should drive revenue growth, making this a savvy business move. The complementary business models of the two banks suggest a smooth integration potential with minimal customer disruption.
The increased scale of the combined institution will likely result in better cost efficiency ratios, which is a major benefit for investors. This will make the bank a more attractive investment opportunity.
Regulatory approval remains the final critical hurdle to closing the merger, with an expected timeline in Q1/Q2 2025.
Benefits for Stakeholders

The Busey Bank merger is bringing significant benefits to various stakeholders. Customers can expect enhanced offerings and strengthened relationships with local bankers.
CrossFirst CEO Mike Maddox emphasized the cultural alignment between the two institutions, highlighting their shared focus on local service and building strong client relationships. This alignment will create a seamless transition for customers.
Both CrossFirst and Busey prioritize customer and community focus, which will continue under the Busey brand. This partnership promises to create significant benefits for teams, customers, communities, and shareholders.
By mid-2025, customers can expect expanded services to roll out under the Busey brand. For Oklahomans, this partnership will strengthen the banking presence in the state.
The merger aims to strengthen shareholder returns, providing a positive outcome for investors.
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Frequently Asked Questions
Who is Busey Bank owned by?
Busey Bank is a subsidiary of First Busey Corporation, a parent company. It is a wholly-owned subsidiary, meaning First Busey Corporation has complete ownership and control of Busey Bank.
How stable is Busey Bank?
Busey Bank is a stable financial institution with over 97% of its deposits coming from core deposits, indicating a strong and loyal customer base. This stability is further reinforced by its top quartile ranking in insured deposits percentages.
Did Glenview State Bank get sold?
Glenview State Bank was acquired by First Busey Corporation through its holding company Cummins-American Corp. in a transaction completed in 2021.
Sources
- https://www.bankingdive.com/news/busey-crossfirst-merger-916-million/725388/
- https://www.stocktitan.net/news/CFB/first-busey-corporation-and-cross-first-bankshares-inc-announce-l0nibsav5whj.html
- https://www.bfkn.com/newsroom/news/first-busey-corporation-announces-agreement-to-acquire-merchants-manufacturers-bank-corporation
- https://patch.com/illinois/glenview/busey-bank-acquires-glenview-state-bank-191m-merger
- https://journalrecord.com/2024/11/23/busey-bank-and-crossfirst-announce-merger/
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