PEORIA — A merger more than a year in the making between Busey Bank and South Side Savings & Trust Bank will take effect at the end of the week and will result in the permanent closing of several branches.
Once the business day ends Friday, South Side branches will take on the Busey name and branding. Three offices in Peoria that were previously Busey locations — at 405 N. William Kumpf Blvd., 6699 N. Sheridan Road and 7810 N. Route 91 — will close at that time as will the Busey office at 2900 Court St. in Pekin.
The only South Side Bank office that will close will be the Downtown banking center at 101 SW Adams St. Twelve other branches in the Tri-County Area will be available to customers after the merger.
“As we expand our presence in the Greater Peoria Area through the partnership between Busey and South Side Bank, we made the difficult decision to consolidate our branch footprint,” said Mark Joseph, CEO and president of South Side Trust & Savings Bank, in a statement. “We carefully reviewed all locations and customer transactions to ensure our valued customers could be conveniently served by our 12 other locations, nearly 25,000 MoneyPass ATMs and robust online and mobile banking services. Today and going forward, we remain dedicated to providing innovative solutions in order to serve and exceed the banking and wealth management needs of the Greater Peoria Area.”
Joseph is set to be Busey’s executive vice president and commercial market president for the Peoria area.
A Busey spokesperson declined to specify how many employees of Busey and South Side would be laid off as a result of the merger and subsequent branch closings, but did say the company was "proactively communicating and working with associates through retirements and attrition."
The announcement that First Busey Corp. of Champaign would acquire the holding company for South Side Trust & Savings Bank was first released in March of 2017. At the time, the cost of the Busey merger with Mid Illinois Bancorp Inc. was estimated at $133.4 million, according to news release.
Customers of both banks have received information about the merger by mail and can continue to use all locations through Friday. On the following day, according to a spokesperson, customers can visit any of the 12 banking centers in the area.
Customers with questions can contact the Busey customer representatives by live chat on busey.com, by email at email@example.com or by phone at (800) 672-8739. South Side Bank customers can also use these resources or the conversion assistance line at (309) 495-4300.
Thomas Bruch can be reached at 686-3262 or firstname.lastname@example.org. Follow him on Twitter @ThomasBruch.