Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Arvest Bank Group, Inc. (Click for buyer financial information)
Target:  Superior Financial Corp. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/15/03   Announced Deal Value ($M) 211.0
Status Completed   Announced Deal Value Per Share ($) 23.75
Completion Date 8/28/03      
Deal Summary
Arvest announced in its largest deal to date to acquire Little Rock, AR based Superior Financial Corp. Superior operates in Oklahoma and Arkansas and will move Arvest closer to first place in Arkansas, right behind Regions with a 8.91% share of the state's $35.7 billion in deposits. The deal is the second for Arvest this year. Arvest agreed to acquire Mountain Bankshares earlier this year, which will give the bank an additional presence in north central Arkansas.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 147.88 142.38
Price / Tangible Book (%) 256.23 239.42
Price / LTM EPS (x) 13.12 13.97
Price / Deposits (%) 16.88 16.40
Price / Assets (%) 12.08 11.83
Tang Book Premium / Core Deposits (%) 12.52 12.56

Deal Terms

Description of Consideration
Arvest paid $23.75 in cash for each share of Superior Financial Corp.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Partial Overlap   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) 6,345  
Consideration Breakout
Cash ($M)   211.0
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 Stephens Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hilburn Calhoon Harper Prunisk
Seller Yes Miller Hamilton Snider & Odom

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