JOLIET – A longtime Joliet-based bank will soon be owned by Busey Bank.
First Community Financial Bank of Joliet and Champaign-based Busey Bank jointly announced Monday the signing of a definitive agreement for Busey to acquire the Joliet company through a merger transaction.
The transaction is anticipated to close mid-year, according to a news release from Busey. Upon its completion, the merging of First Community with and into Busey is expected in late 2017.
Roy Thygesen, First Community’s president and CEO, will continue to lead the company through the merger. Once the acquisition is completed, Thygesen will be named Busey’s executive vice president and market president of northern Illinois, according to Busey.
“Joining two of the best community banks in Illinois together offers significant growth possibilities for the combined customer, associate, community and shareholder base,” stated Van Dukeman, First Busey president and CEO, in a news release.
The merger will expand Busey’s footprint in the southwest suburban region as it acquires First Community’s nine branches in Joliet, Plainfield, Homer Glen, Channahon, Naperville, Burr Ridge, Mazon, Braidwood and Diamond.
Busey has 27 locations in Illinois, 13 in Missouri, five in southwest Florida and one in Indiana.
“We are excited that First Community customers will be able to take advantage of an expanded array of sophisticated commercial, consumer and wealth management services and capabilities,” Thygesen stated.
Thygesen stated the merger will give First Community the “lending capacity to support growth in our clients’ credit needs for years to come, delivered in the community banking approach they have come to expect, by the same bankers they know.”
First Community opened in 2004 at Black Road and 129th Infantry Drive in Joliet.
Its founding officers included developer George Barr, attorney and Joliet JackHammers chief executive Michael Hansen, auto dealer Terry D'Arcy, furniture store owner Frank Turk and insurance executive John Manner.
The company has grown since it opened. Last year, First Community merged with Mazon State Bank, expanding its services into Grundy County.
In 2009, First Community’s parent company obtained $22 million in federal money through the Troubled Asset Relief Program that was established to stabilize the nation’s financial system, restart economic growth and prevent avoidable foreclosures during the Great Recession.