On June 12, the DOJ, First Busey Corporation, a financial holding company headquartered in Urbana, Illinois, with approximately $2.5 billion in assets, and Main Street Trust Inc., a financial holding company headquartered in Champaign, Illinois with about $1.6 billion in assets, entered into a settlement where the parties agreed to sell five branch offices with approximately $110 million in deposits in Champaign County, Illinois, in order to resolve antitrust concerns about the companies’ pending merger. Without the divestitures, the DOJ concluded, the merger likely would adversely affect competition in the local markets for commercial banking and retail banking services. The proposed merger will combine two major local banks based in central Illinois, Busey Bank of Urbana and Main Street Bank & Trust of Champaign. The merged bank will have approximately $3.6 billion in assets and $2.7 billion in total deposits.
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Justice Department Reaches Agreement Requiring Divestitures in Merger of First Busey Corporation and Main Street Trust Inc.