| 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 |
|
|
|
| |
| 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 |
| 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 ($000) |
0 |
|
| |
|
|
|
|
| Cash ($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 |
| Buyer |
Yes |
DD&F Consulting Group |
| |
| Seller |
No |
NA |
| Legal
Counsel |
| Buyer |
Yes |
Quattlebaum Grooms Tull |
| |
| Seller |
No |
NA |
|
|
