Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Bank of the Ozarks Inc. (Click for buyer financial information)
Target:  RVB Bancshares Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 3/11/03   Announced Deal Value ($M) 7.1
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 6/13/03      
 
Deal Summary
RVB's single office is the first of three planned Bank of the Ozark locations in Pope County - the company said it contracted to purchase two sites for de novo branches there. Terms provide that the exchange ratio will be 20.3965 if Ozark trades below $24.7518. Between $24.7518 and $30.2522, the exchange ratio will be set to value RVB stock at $504.85 a share. Between $30.2522 and $33 the ratio will be 16.6880. Greater than $33, the exchange ratio will be set to value RVB stock at $550.704 a share. Pricing ratios are based on Dec. 2002 small parent equity of $3,853,000 and LTM NI of $485,000.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 184.42 198.52
Price / Tangible Book (%) 184.42 198.52
Price / LTM EPS (x) 14.61 14.69
Price / Deposits (%) 14.51 15.90
Price / Assets (%) 13.18 14.46
Tang Book Premium / Core Deposits (%) 9.76 11.60


Deal Terms

Description of Consideration
Bank of the Ozarks Inc. paid $7.8 million to acquire each outstanding share of RVB Bancshares Inc. Each share of RVB Bancshares Inc. common stock outstanding were converted into the right to receive $504.85 in cash and the number of shares of Ozark common stock exchangeable for each share of RVB common stock were determined by dividing 550.704 by the average daily ending trade price. Target financials are for River Valley Bank.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) 0  
         
Consideration Breakout
Cash ($M)   1.1
Common Stock ($M)   6.7
Common Shares Issued   NA
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 No NA
 
Seller Yes DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Kutak Rock LLP
 
Seller Yes Quattlebaum Grooms Tull

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