Florida-based Investors’ Security Trust Company (IST) has agreed to merge with and into the wealth management arm of Illinois-based Busey Bank, a subsidiary of First Busey.
The merged entity will manage over $9.25bn in assets.
The consolidation is said to strengthen the companies’ wealth management footprint in the Cape Coral-Fort Myers, FL Metropolitan Statistical Area (MSA).
The merger is pending regulatory nod and anticipated to complete later this year.
IST president and CEO Charles Idelson said: “Busey understands our local market, offers a broad range of financial delivery systems—including a full suite of private banking solutions—to meet customers’ comprehensive needs, and shares an unwavering commitment to service excellence.”
Idelson will join Busey as part of the deal, assuming the role of executive vice president and Florida market chairman.
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Overall, IST has 20 employees.
Busey Bank has 44 banking centres in Illinois, 13 in the St. Louis, Missouri metropolitan area, five in southwest Florida and one in Indianapolis.
The bank had assets of $7.75bn at the end of March 2019.
Busey Wealth Management offers asset management, investment and fiduciary services.
First Busey president and CEO Van Dukeman said: “IST is a premier wealth advisory group, further complementing one another’s strengths to deliver a preeminent bank, trust and wealth advisory solution in Southwest Florida and beyond.”