10:33 AM EDT, 04/01/2024 (MT Newswires) -- First Busey ( BUSE ) said it closed Monday its acquisition of Merchants and Manufacturers Bank Corp., the holding company for Merchants and Manufacturers Bank, in a cash-and-stock deal.

The deal consideration comprises roughly $12.2 million in cash and 1,429,324 First Busey ( BUSE ) common shares.

The company said it will operate Merchants and Manufacturers Bank as a separate unit until it is merged with Busey Bank, with the combination expected to occur in June.

First Busey ( BUSE ) shares were down 1.6% in recent trading.

Price: 23.64, Change: -0.41, Percent Change: -1.70