Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Arvest Bank Group, Inc. (Click for buyer financial information)
Target:  Delaware Bancshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/21/99   Announced Deal Value ($M) 4.0
Status Completed   Announced Deal Value Per Share ($) 1,324.61
Completion Date 8/31/99      
 
Deal Summary
Arvest Bank Group has announced that it will acquire Delaware Bancorp and its subsidiary Delaware County Bank. The deal will allow Arvest to pick up three branches and a 11.13% of the deposit market share in Delaware County, OK, good for a fourth place rank. Ratios based on 12/31/98 small parent equity of $3.136M and LTM net loss of $144,000.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 125.96 125.96
Price / Tangible Book (%) 125.96 125.96
Price / LTM EPS (x) NM NM
Price / Deposits (%) 14.39 14.39
Price / Assets (%) 13.08 13.08
Tang Book Premium / Core Deposits (%) 3.09 3.09


Deal Terms

Description of Consideration
Arvest paid $3,950,000 in cash to acquire Delaware Bancshares. Seller's financials are for Delaware County Bank.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) 0  
         
Consideration Breakout
Cash ($M)   4.0
Common Stock ($M)   0
Common Shares Issued   0
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
 
Seller No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hilburn Calhoon Harper Prunisk
 
Seller Yes Moyers Martin Santee Imel

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