First Business Financial Services To Acquire Aslin Group In $30.1 Mln Deal

(RTTNews) - First Business Financial Services Inc. (FBIZ) said Friday that it agreed to acquire Aslin Group Inc., including Alterra Bank, Aslin Group's wholly owned subsidiary. The cash-and-stock transaction is valued at an estimated $30.1 million.

As per 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 about $51 per share or fall below approximately $34 per share for purposes of the calculation.

The boards of directors of both First Business and Alterra parent company Aslin Group unanimously approved the transaction. Transaction closing is anticipated by late 2014, subject to approvals from regulators, Aslin Group stockholders and other customary conditions.

The Transaction is anticipated to be approximately 5% accretive to First Business earnings in the first full 12 months following transaction closing, excluding one-time merger related expenses, with long-term earnings accretion in the high single digits.

Together, First Business and Alterra have approximately $1.5 billion in assets.

"We are very excited to join First Business, whose outstanding capital strength, credit quality and proven track record of growth will provide Alterra with even greater resources and products to extend to businesses and individuals in Kansas City," said Pam Berneking, President and CEO of Alterra Bank.

Upon transaction closing, it is anticipated that Alterra's brand, Overland Park and Leawood offices and Kansas state banking charter will be maintained, with 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.