Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Arvest Bank Group, Inc. (Click for buyer financial information)
Target:  Mountain Bancshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 2/13/03   Announced Deal Value ($M) 30.5
Status Completed   Announced Deal Value Per Share ($) 2,008.10
Completion Date 4/24/03      
 
Deal Summary
Arvest Bank Group has entered to its first bank deal in almost four years with an agreement to acquire Mountain Bancshares and unit Bank of Yellville. The deal will expand Arvest's presence in north central Arkansas. Arvest will move from 13th to third in the Harrison, AR, Fed market with a 12.12% share of about $913.9 million in deposits. Arvest will also assume sixth place in the Baxter County, AR, Fed market with a 6.03% share of deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 192.98 186.92
Price / Tangible Book (%) 192.98 186.92
Price / LTM EPS (x) 13.74 12.24
Price / Deposits (%) 16.87 16.75
Price / Assets (%) 14.44 14.38
Tang Book Premium / Core Deposits (%) 10.50 10.13


Deal Terms

Description of Consideration
Arvest paid about $30.5 million in cash to acquire Mountain Bancshares.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) 14,183   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) 0  
         
Consideration Breakout
Cash ($M)   30.5
Common Stock ($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 Yes Mercer Capital Management Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hilburn Calhoon Harper Prunisk
 
Seller Yes Quattlebaum Grooms Tull

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