Wed, Mar. 30, 6:05 PM
- First Busey (BUSE +0.5%) and Pulaski Financial (PULB +0.7%) say their shareholders have approved the $210.7M merger of the two that was set with a December agreement.
- First Busey had previously gotten approval from the Fed Board of Governors. The closing is expected in Q2 with customary conditions. First Busey will be the surviving corporation, with Pulaski Financial merged into Busey.
- Meanwhile, merging their two bank subsidiaries -- Busey Bank and Pulaski Bank -- will take place in Q4 with regulatory approval.
- With First Busey at $20.50 and paying 0.79 shares per Pulaski share, the implied per-share price is $16.195; Pulaski shares closed today at $16.16.
- Previously: First Busey buying Pulaski Financial for $210.7M (Dec. 03 2015)
Dec. 3, 2015, 6:25 PM
- First Busey (BUSE -1.3%) and Pulaski Financial (PULB +1.5%) will merge, bringing together dozens of banking branches in the Midwest in a $210.7M deal.
- Shareholders of Pulaski -- which runs 13 full-service branches in St. Louis as well as loan production offices through the Midwest -- will receive 0.79 shares of Busey per Pulaski share. With Busey closing at $21.82 today, the implied per-share price is $17.24; Pulaski closed today at $17.01.
- Busey Bank had total assets of $3.8B as of Sept. 30, and Busey Wealth Management had about $5.1B of assets under care; Pulaski Bank had $1.3B in loans and $1.1B in deposits.
- The deal is expected to close in the first half of next year.