Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Community State Bancshares (Click for buyer financial information)
Target:  Bradley Corporation (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 8/7/01   Announced Deal Value ($M) 1.9
Status Completed   Announced Deal Value Per Share ($) 630.00
Completion Date 2/1/02      
 
Deal Summary
Private investors Gary Lankford, Jerry Hartline, and Jeffery Hobbs are forming a holding company, Community State Bancshares, to buy Bradley Corporation and its sole subsidiary, Bank of Bradley. Bradley operates one branch in Lafayette County, AR. Shortly after completion, the name of the bank will be changed to Community State Bank. Announcement ratios based on June 2001 small parent equity of $1,330,000 and LTM NI of $131,000. Completion ratios based on December 2001 small parent equity of $1,301,000 and LTM NI of $50,000.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 142.11 145.27
Price / Tangible Book (%) 142.11 145.27
Price / LTM EPS (x) 14.43 37.80
Price / Deposits (%) 14.81 14.61
Price / Assets (%) 13.18 13.12
Tang Book Premium / Core Deposits (%) 5.39 5.23


Deal Terms

Description of Consideration
Newly formed holding company Community State Bancshares paid $1,890,000 for all outstanding shares of Bradley Corporation. Seller's financials are for Bank of Bradley.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) 490   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) 0  
         
Consideration Breakout
Cash ($M)   1.9
Common Stock ($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 Quattlebaum Grooms Tull
 
Seller No NA

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