Mergers & Acquisitions

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Deal Overview

Buyer:
CNB Financial Corporation
Actual Acquirer:
CNB Bank
Target:
Lake National Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
12/29/2015
Announcement Date:
12/30/2015
Announced Deal Value ($ M):
24.75
Status:
Completed
Completion Date:
7/15/2016
Announced Deal Value Per Share ($ )
22.50

Consideration Breakout
Cash ($M) 24.8

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 175.8 172.3
Price / Tangible Book (%) 175.8 172.3
Price / Earnings (x) 24.9 30.5
Price / Deposits (%) 18.45 17.72
Price / Assets (%) 16.26 15.81
Tangible Book Premium/ Deposits (%) 11.00 9.94
Deal Terms
Description of Consideration

CNB Financial Corp. paid $22.50 in cash for each outstanding share of Lake National Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 11,536
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 1,606
Est. Restructuring Charges ($ 000) 3,446
Maximum Termination Fee ($ 000) 990
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 1,583
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Griffin Financial Group LLC
Seller Yes Boenning & Scattergood Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hogan Lovells US LLP
Seller Yes Dinsmore & Shohl LLP