First Bancorp of Indiana Inc. said its board of directors has rejected Pulaski Financial Corp.’s unsolicited offer to buy the $174 million-asset company.

Pulaski, a St. Louis company with $275 million of assets, made an offer in January to acquire First Bancorp of Evansville for $16.125 a share in cash and stock, or $34.2 million.

Harold Duncan, First Bancorp’s president and chief executive officer, said in a letter to Pulaski’s board that the offer was insufficient. “Given the short period of time that has elapsed since our IPO and the success we have had so far in pursuing our business plan, our board of directors has concluded that your offer does not reflect the full value of First Bancorp,” the letter said.

First Bancorp went public April 7, 1999. In the past year its stock has traded in a range of $8.375 to $15 a share. It was trading at $13.5625 at midday Friday.

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