Republic Bank & Trust

Mergers & Acquisitions

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Deal Overview

Buyer:
Republic Bancorp, Inc.
Actual Acquirer:
Republic Bancorp, Inc.
Target:
Cornerstone Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/6/2015
Announcement Date:
10/7/2015
Announced Deal Value ($ M):
32.30
Status:
Completed
Completion Date:
5/17/2016
Announced Deal Value Per Share ($ )
18.00

Consideration Breakout
Cash ($M) 31.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 138.30 130.74
Price / Tangible Book (%) NA NA
Price / Earnings (x) NA NA
Price / Deposits (%) 15.70 15.96
Price / Assets (%) 13.29 12.74
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

Republic Bancorp Inc. paid $18 per share in cash to acquire each outstanding share of Cornerstone Bancorp Inc. Republic Bancorp Inc. also assumed subordinate debt of $4.12 million of Cornerstone Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 6,132
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 902
Maximum Termination Fee ($ 000) 1,500
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) 1,205
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Chartwell Capital Ltd.
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wyatt Tarrant & Combs
Seller Yes Smith Mackinnon PA