Marshall & Ilsley Corporation and Excel Bank Corporation today announced they have signed a definitive agreement for M&I to acquire Minneapolis-based Excel Bank Corporation. Excel, with $633 million in consolidated assets. Under the agreement, Excel shareholders will receive $9.08 in cash and $4.89 in M&I common stock for each share of Excel common stock or a total of $13.97.
The $105 million transaction is expected to be completed in the third quarter of 2007.
Marshall & Ilsley Corporation is a diversified financial services corporation headquartered in Milwaukee with $56.2 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank and has three locations in Tulsa.