Mergers & Acquisitions

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Deal Overview

Buyer:
Alerus Financial Corporation
Actual Acquirer:
Alerus Financial, National Association
Target:
Beacon Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
9/21/2015
Announcement Date:
9/22/2015
Announced Deal Value ($ M):
46.00
Status:
Completed
Completion Date:
1/15/2016
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 46.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 200.0 190.8
Price / Tangible Book (%) 200.0 190.8
Price / Earnings (x) 19.0 16.7
Price / Deposits (%) 15.09 15.18
Price / Assets (%) 13.06 12.88
Tangible Book Premium/ Deposits (%) 8.24 7.88
Deal Terms
Description of Consideration

Alerus Financial Corp. paid $46 million in cash for all of the outstanding shares of Beacon Bank. In addition, Alerus Financial Corp. also assumed $10 million in trust preferred securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 18,800
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
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 NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 3,800
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Seller Yes River Branch Capital LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller Yes Fredrikson & Byron PA