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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: City Holding Company
Actual Acquirer: City Holding Company
Target: First Merchants Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date3/14/1995
Announcement Date3/14/1995
Announced Deal Value ($M)26.30
Completion Date9/1/1995
Announced Deal Value Per Share ($)45.60
Consideration Breakout
Common Stock ($M)24.8
Common Stock Issued918,400
Deal Pricing Ratios
Price / Book (%)277.5245.8
Price / Tangible Book (%)328.5271.4
Price / Earnings (x)21.920.3
Price / Deposits (%)27.5426.07
Price / Assets (%)22.8122.93
Tangible Book Premium/ Deposits (%)19.4617.11
Deal Terms
Description of Consideration
First Merchants shareholders received 918,400 shares of City Holding common stock for all outstanding shares. Seller's financials are for Merchants National Bank.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)0
Estimated Cost Savings (%)15.75
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)1.5944
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)45.6000
% of Shares Outstanding19.90
Shares Under Option114,624
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesBaxter Fentriss & Company

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHunton & Williams LLP
SellerYesBowles Rice LLP

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