Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Simmons First National Corporation (Click for buyer financial information)
Target:  Alliance Bancorporation, Incorporated (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 10/8/03   Announced Deal Value ($M) 25.5
Status Completed   Announced Deal Value Per Share ($) 846.11
Completion Date 3/19/04      
 
Deal Summary
Simmons First will acquire Alliance Bancorp., giving it entry into Hot Springs with a 7.79% share of about $1.1 billion in deposits in Garland County. Simmons most recent deal was an early September agreement to acquire nine Union Planters Corp. (UPC) branches and about $140.0 million in deposits. Pricing ratios at announcement are based on Dec. 31 small parent equity of $10,334,000 and trailing-four-quarters' net income of $1,195,000. Pricing ratios at completion are based on June 30 small parent equity of $11,210,000 and trailing-four-quarters' net income of $1,428,000.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 246.51 229.43
Price / Tangible Book (%) 246.51 229.43
Price / LTM EPS (x) 21.32 18.01
Price / Deposits (%) 24.41 23.72
Price / Assets (%) 18.39 18.96
Tang Book Premium / Core Deposits (%) 16.41 14.94


Deal Terms

Description of Consideration
Simmons First paid $11,440,000 in cash and issued 545,000 shares to acquire Alliance Bancorp. Seller's financials are for Alliance Bank of Hot Springs.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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) NA  
Exchange Ratio
(Common For Common)
18.1021  
         
Consideration Breakout
Cash ($M)   11.4
Common Stock ($M)   14.3
Common Shares Issued   545,000
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 Quattlebaum Grooms Tull
 
Seller Yes McAfee & Taft

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