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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Capital City Bank Group, Inc.
Actual Acquirer: Capital City Bank
Target: Farmers & Merchants Bank
Deal Type: Bank & Thrift Company
Agreement Date5/12/2004
Announcement Date5/12/2004
Announced Deal Value ($M)66.65
Completion Date10/15/2004
Announced Deal Value Per Share ($)1,333.00
Consideration Breakout
Cash ($M)33.3
Common Stock ($M)33.3
Common Stock Issued1,067,500
Deal Pricing Ratios
Price / Book (%)222.2222.2
Price / Tangible Book (%)222.2222.2
Price / Earnings (x)9.09.0
Price / Deposits (%)22.7521.84
Price / Assets (%)16.9116.52
Tangible Book Premium/ Deposits (%)15.2514.95
Deal Terms
Description of Consideration
CCBG paid $666.50 in cash and an equal amount in stock for each Farmers & Merchants share. Ratios reflect special cash distributions that will reduce Farmers & Merchants equity to $30 million prior to the deal closing.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)34,700
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)3,200
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)5,900
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesMcConnell Budd & Romano Inc.
SellerYesKeyBanc Capital Markets Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesGunster Yoakley & Stewart PA
SellerYesPowell Goldstein LLP

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