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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.
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