First Busey, the parent of Busey Bank, has concluded merger with Pulaski Financial, the parent of Pulaski Bank, National Association.
The deal, valued at about $193.1m, was first announced in December 2015.
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Under the terms of the deal, Pulaski Financial merged into First Busey, with First Busey as the surviving entity.
The subsidiaries Pulaski Bank will merge with and into Busey Bank, with Busey Bank as the surviving entity.
The merger of the subsidiaries is scheduled to close in the fourth quarter of 2016, subject to regulatory nod. Till the completion of the merger, First Busey will operate Pulaski Bank as its separate banking subsidiary.
First Busey president and CEO Van Dukeman said: "Pulaski is a highly respected banking company in the Midwest’s 4th largest MSA. We are excited to combine two organizations with similar values and focus on customer service and organic growth.
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By GlobalData"St. Louis’ size and density will allow our combined organization greater commercial banking and wealth management growth opportunities. Pulaski has a strong leadership team, which we look forward to working with as we seek to build on Pulaski’s 93 years of strong banking history in St. Louis."
As of 31 March 2016, Pulaski Financial managed total consolidated assets of $1.64bn, total loans of $1.41bn and total deposits of $1.25bn.
