Return to Mergers & Acquisitions

Deal Overview

Buyer:
Sandy Spring Bancorp, Inc.
Actual Acquirer:
Sandy Spring Bank
Target:
CommerceFirst Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/20/2011
Announcement Date:
11/4/2011
Announced Deal Value ($ M):
25.36
Status:
Completed
Completion Date:
5/31/2012
Announced Deal Value Per Share ($ )
13.93

Consideration Breakout
Cash ($M) 12.4
Common Stock ($M) 12.8
Common Stock Issued 732,054

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 106.7 102.4
Price / Tangible Book (%) 106.7 102.4
Price / Earnings (x) 16.4 14.0
Price / Deposits (%) 14.07 14.07
Price / Assets (%) 12.38 12.30
Tangible Book Premium/ Deposits (%) 1.10 0.42
Deal Terms
Description of Consideration

Sandy Spring Bancorp Inc. paid $13.60 in cash, or exchanged 0.8043 share of its common stock, for each share of CommerceFirst Bancorp Inc., subject to 50% paid in cash.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 7,565
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.8043
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Robert W. Baird & Co.
Seller Yes Scott & Stringfellow LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Kilpatrick Townsend & Stockton
Seller Yes Buckley Sandler LLP