First Busey in Champaign, Ill., has agreed to buy Investors' Security Trust, a wealth management firm in Fort Myers, Fla.
The $9.5 billion-asset First Busey said in a press release Monday that it expects to complete the deal later this year. It did not disclose the price.
Investors’ Security has 20 employees.
Investors’ Security will be merged into First Busey’s wealth management division, which will have about $9.3 billion in assets under management when the deal closes.
First Busey “has remained steadfast to its commitment of remaining a community-focused, relationship-driven financial services organization serving the comprehensive financial needs of clients — and this partnership is no exception,” Van Dukeman, the company’s president and CEO, said in the release.
Barack Ferrazzano Kirschbaum & Nagelberg and Raymond James advised First Busey. Smith Mackinnon and DD&F Consulting Group advised Investors’ Security.