SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): JUNE 30, 1999
EAGLE BANCGROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
000-20739 37-1353957
(Commission File Number) (IRS Employer Identification No.)
301 FAIRWAY DRIVE, BLOOMINGTON, IL 61701
(Address including zip code of Principal Executive Offices)
(309) 663-6345
(Registrant's telephone number, including area code)
Item 5. Other Events
Incorporated by reference is a press release issued by the Registrant
on June 30, 1999, attached as Exhibit 99, providing information
concerning the Registrant's announcement that it entered into an
agreement that provides for the acquisition of the Registrant by First
Busey Corporation ("FBC"). Under the terms of this agreement, FBC
will purchase all of the issued and outstanding stock of the
Registrant for an aggregate cash consideration of approximately $26.6
million, or $25.74 per share. The agreement is subject to approval by
the Registrant's shareholders and the receipt of required regulatory
approvals.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press release issued June 30, 1999
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
EAGLE BANCGROUP, INC.
Date: July 1, 1999 By: /s/Donald L. Fernandes
---------------------------
Donald L. Fernandes
President and Chief
Executive Officer
EXHIBIT INDEX
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Exhibit
Number Description
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99 Press release issued June 30, 1999
EXHIBIT 99
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FIRST BUSEY CORPORATION TO ACQUIRE
EAGLE BANCGROUP, INC.
Bloomington, Ill. -- June 30, 1999 -- (BUSINESS WIRE)-- The Boards of
Directors of First Busey Corporation (Nasdaq: BUSE - news) and Eagle
BancGroup, Inc. (Nasdaq: EGLB - news) announce that they have entered
into an agreement providing for the acquisition of Eagle by First
Busey. First Busey has agreed to purchase all of the issued and
outstanding stock of Eagle for an aggregate cash consideration of
approximately $26.6 million, or $25.74 per share. The agreement is
subject to approval by the shareholders of Eagle BancGroup, Inc. and
the receipt of required regulatory approvals.
Douglas C. Mills, Chairman of the Board of First Busey and Donald L.
Fernandes, President of Eagle indicated that they felt this was a
tremendous opportunity for both financial organizations. The
acquisition will increase First Busey's share of the McLean County
market to approximately 12%. It is anticipated that, upon closing,
the customers of First Federal will have available to them an expanded
menu of financial services. Following the acquisition, First Federal
will continue to operate under its existing name as a "community-
oriented" financial institution as this is the primary focus of the
Busey Organization with all of its subsidiaries. It is expected that
a special Eagle shareholder meeting will be held in the fourth quarter
of 1999 and that the transaction will close prior to year-end.
Eagle BancGroup, Inc. is a unitary savings and loan holding company
for First Federal Savings and Loan Association of Bloomington,
Bloomington, Illinois. First Federal operates two locations in
Bloomington, an office in LeRoy and an office in Lexington. First
Federal had total assets of $183 million as of March 31, 1999.
First Busey Corporation is a bank holding company headquartered in
Urbana, Illinois with total assets of $958 million as of March 31,
1999. First Busey Corporation's flagship subsidiary, Busey Bank, has
18 Banking Centers serving customers in Champaign, McLean and Ford
Counties in Illinois as well as one Banking Center in Indianapolis.
Busey Bank provides electronic delivery of financial services through
Busey e-bank. Busey Bank has Loan Production Offices in Ft. Myers and
Naples, Florida, as well as a full-service broker/dealer subsidiary,
First Busey Securities, Inc. Busey Travel and Busey Insurance
Services, Inc. are also subsidiaries of Busey Bank. First Busey Trust
& Investment Co., is a wholly owned subsidiary of First Busey
Corporation specializing in asset management and trust services.
CONTACT: First Busey Corporation
Barbara J. Kuhl, 217/365-4513
[email protected]
Or
Eagle BancGroup, Inc.
Donald L. Fernandes, 309/663-6345
