Marshall & Ilsley Corp. announced Monday it would buy a Florida-based bank chain for about $217 million.
United Heritage Bankshares of Florida, Inc.'s 13 branches in Orlando will convert to M&I Bank branches after the deal closes next year, the Milwaukee-based bank said.
Under the deal, United Heritage Bankshares shareholders will receive 0.8740 of a share of M&I common stock for each share of United Heritage. Based on the price of M&I's shares at the close of business Friday, the deal is worth about $217-million, or $40.25 per share of United Heritage common stock.
United Heritage had $736-million in assets at the end of September.
M&I identified Orlando, and specifically United Heritage, as key to its expansion in that state, said Dennis J. Kuester, chairman and chief executive officer of Marshall & Ilsley.
Marshall & Ilsley Corp. is the largest Wisconsin-based bank, with $55.5-billion in assets and, along with its subsidiaries, 311 bank branches throughout the country.
Shares of Marshall & Ilsley Corp. rose 34 cents to close at $46.39 on the New York Stock Exchange.