Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Walden Holding Company (Click for buyer financial information)
Target:  Rainbow Investment Company, Incorporated (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 10/29/99   Announced Deal Value ($M) 5.9
Status Completed   Announced Deal Value Per Share ($) 1,478.75
Completion Date 3/1/00      
 
Deal Summary
Walden Holding Company and Rainbow Investment Co. joined operations in a book-for-book exchange. The combined organization will operate under the name of Walden/Smith Financial Group. Walden brings to the table a 21.61% share of the Randolph County market, while Rainbow holds 21.23% of the deposits in the Jackson market.

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


Deal Terms

Description of Consideration
In this merger of equals, Walden exchanged 20.4875 shares for each Rainbow share held, an exchange intended to pay book value. Buyer's financials are for First Community Bk. Seller's financials are for Bank of Tuckerman.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? Yes   % 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) 300  
Exchange Ratio
(Common For Common)
20.4875  
         
Consideration Breakout
Cash ($M)   0
Common Stock ($M)   5.6
Common Shares Issued   81,950
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 NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mitchell Williams Selig Gates
 
Seller Yes Gerrish McCreary Smith PC

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