Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Southern Development Bancorporation, Inc. (Click for buyer financial information)
Target:  Delta Bank & Trust Company (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 3/20/01   Announced Deal Value ($M) 1.8
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 7/9/01      
Deal Summary
Southern Development Bancorporation, which operates 10 branches in Arkansas through three subsidiaries, will enter northwestern Mississippi under an agreement to acquire Delta Bank & Trust Co., one of two bank subsidiaries controlled by Brighton Bancorp Inc. Delta Bank & Trust is the second smallest of six institutions with a presence in Sunflower County, where its two branches hold a 5.94% share of roughly $270.3 million in market deposits. Brighton Bancorp will retain operations in southeast Tennessee through core unit Brighton Bank.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 134.63 130.16
Price / Tangible Book (%) 134.63 130.16
Price / LTM EPS (x) 30.43 NM
Price / Deposits (%) 11.73 10.91
Price / Assets (%) 10.46 10.04
Tang Book Premium / Core Deposits (%) 3.63 3.17

Deal Terms

Description of Consideration
Southern Development Bancorporation paid $1.765 million in cash for all outstanding shares of Delta Bank & Trust Co.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) 655   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) NA  
Consideration Breakout
Cash ($M)   1.8
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 Horne Hollingsworth & Parker
Seller Yes Baker Donelson Bearman

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