First Busey, the holding company for Busey Bank, has agreed to acquire Pulaski Financial, the holding company for Pulaski Bank, National Association, in a stock transaction worth about $210.7m.
Pulaski Bank operates with thirteen branches in metropolitan St. Louis, Missouri. The bank managed $1.1bn in deposits and $1.3bn in loans as of 30 September 2015.
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Under the terms of the deal, Pulaski Bank will be merged with and into Busey Bank. Pulaski Financial shareholders will secure 0.79 shares of Busey common stock for each share of Pulaski common stock.
The deal, subject to regulatory and shareholder approvals, is scheduled to close in the first half of 2016.
First Busey president and CEO Van Dukeman said: "Pulaski is a highly respected banking company in the Midwest’s 4th largest MSA. We are combining two organizations with similar values and a focus on customer service and organic growth. St. Louis’ size and density will allow our combined organization greater commercial banking and wealth management growth opportunities. In addition, FirsTech, our payment processing subsidiary, has a significant hub in St. Louis."
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