Main Street Enters Agreement to Sell Five Locations to Freestar Bank
21 July 2007 - 1:00AM
PR Newswire (US)
CHAMPAIGN, Ill., July 20 /PRNewswire-FirstCall/ -- Main Street
Trust, Inc. (OTC:MSTI) (BULLETIN BOARD: MSTI) , announced today
that it has reached an agreement to sell five branches of Main
Street Bank & Trust to Freestar Bank, N.A., a national bank
with its home office in Pontiac, Illinois. As previously announced,
the United States Department of Justice required Main Street to
divest the branches in connection with Main Street's proposed
merger with First Busey Corporation. With Main Street having
reached the agreement with Freestar Bank, Main Street expects that
the merger with First Busey will be completed following the close
of business on July 31, 2007. The branches that Main Street has
agreed to sell to Freestar Bank include the following: 1611 South
Prospect and 631 E. Green Street located in Champaign; 1819-A Philo
Road and 410 N. Broadway in Urbana; and a branch in the Eastwood
Shopping Center in Mahomet. These five branches have combined
deposits of approximately $110 million as of June 30, 2006.
Additionally, the sale will include approximately $15 million in
loans attributed to the branches. The divested amount represents
less than 1% of anticipated combined loans and approximately 3% of
anticipated combined deposits following the merger of Main Street
and First Busey. Main Street anticipates that the sale of the
branches will be completed in the fourth quarter of 2007. Forward
Looking Statements This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements, which may be based
upon beliefs, expectations and assumptions of Main Street's
management and on information currently available to management,
are generally identifiable by the use of words such as "believe,"
"expect," "anticipate," "plan," "intend," "estimate," "may,"
"will," "would," "could," "should" or other similar expressions.
Additionally, all statements in this document, including
forward-looking statements, speak only as of the date they are
made, and Main Street does not undertake any obligation to update
any statement in light of new information or future events. A
number of factors, many of which are beyond the ability of Main
Street to control or predict, could cause actual results to differ
materially from those in its forward-looking statements. These
factors include, among others, the following: (i) unexpected
results of the proposed merger with First Busey Corporation; (ii)
the strength of the local and national economy; (iii) the economic
impact of any future terrorist threats or attacks; (iv) changes in
state and federal laws, regulations and governmental policies
concerning its general business; (v) changes in interest rates and
prepayment rates of its assets; (vi) increased competition in the
financial services sector and the inability to attract new
customers; (vii) changes in technology and the ability to develop
and maintain secure and reliable electronic systems; (viii) the
loss of key executives or employees; (ix) changes in consumer
spending; (x) unexpected outcomes of existing or new litigation
involving Main Street; and (xi) changes in accounting policies and
practices. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not
be placed on such statements. Additional information concerning
Main Street, its businesses and factors that could materially
affect its financial results, is included in its filings with the
Securities and Exchange Commission. DATASOURCE: Main Street Trust,
Inc. CONTACT: Van A. Dukeman, President-CEO of Main Street Trust,
Inc., +1-217-351-6568 Web site: http://www.mainstreettrust.com/
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