Illinois-based Busey Bank and St. Louis, Missouri-based Pulaski Bank have merged.
Busey Bank purchased Pulaski through the merger, and both banks will now operate as Busey Bank.
“Pulaski is a highly respected banking company in the Midwest’s fourth-largest MSA," Van Dukeman, Busey's president and CEO, said. "We are combining two organizations with similar values and a focus on customer service and organic growth.”
Pulaski shareholders will receive 0.79 shares of Busey common stock for each share of Pulaski common stock.
Pulaski carries more than $1.5 billion in assets and operates 13 branches in the St. Louis area, as well as a mortgage banking division with 20 offices across the Midwest.
“Pulaski has a strong leadership team, who we look forward to working with as we seek to build on Pulaski’s 93 years of strong banking history in St. Louis,” Dukeman said.
Pulaski President and CEO Gary Douglass said both Pulaski and Busey were "true community" banks.
"Busey’s size, broad array of commercial and wealth management products, banking expertise and strong capital position — coupled with community ties and flexible and responsive local decision-making authority — offer us the ability to further capitalize on opportunities in St. Louis, while continuing to offer exceptional customer service," he said. "Busey will build on our shared dedication to community involvement and service excellence, as well as provide us the opportunity to offer larger commercial credits, spurring even greater economic and community development activity."
Busey Bank is headquartered in Champaign, Illinois, and has 29 banking centers across the state, a banking center in Indianapolis, Indiana, and six banking centers in southwest Florida. Its assets are $3.8 billion.