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May 23, 2014
09:04 EDTFBIZFirst Business Financial to acquire Aslin Group for $30.1M
First Business Financial and Aslin Group announced the signing of a definitive agreement for First Business to acquire Aslin Group, including Alterra Bank, Aslin Group's wholly owned subsidiary. The cash-and-stock transaction is valued at an estimated $30.1M. Upon transaction closing, it is anticipated that Alterra's brand, Overland Park and Leawood offices and Kansas state banking charter will be maintained, with CEO of Alterra Bank, Pam Berneking joining First Business as president and CEO of Alterra Bank. The parties expect the Alterra Bank subsidiary's board, with a majority of local Kansas directors, to remain substantially intact. Under the terms of the Agreement, each outstanding share of common stock of Aslin Group, Inc. will be converted into the right to receive $14,435.59, which will be payable in $6,496.02 in cash and $7,939.57 in First Business common stock. The number of First Business common shares to be issued will be calculated based on First Business's 10 day volume weighted average stock price as of the market close of the third business day prior to the effective date of the transaction. However, the volume weighted average share price cannot exceed approximately $51 per share or fall below approximately $34 per share for purposes of the calculation. The boards of both First Business and Alterra parent company Aslin Group unanimously approved the transaction. Transaction closing is anticipated by late 2014.
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