Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Liberty Bancshares, Inc. (Click for buyer financial information)
Target:  Peoples Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 11/14/03   Announced Deal Value ($M) 8.3
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 3/19/04      
 
Deal Summary
Liberty Bancshares has signed a nonbinding letter of intent to acquire Peoples Bank. Liberty Bancshares will enter Greene County, AR, with a fifth place rank and 8.14% share of about $572.0 million deposits and will enter Clay County, AR, with a fourth place rank and 10.81% share of about $236.3 million deposits. Peoples Bank is the sole operating bank subsidiary of Spring Rivers Bancshares Inc.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 143.23 143.60
Price / Tangible Book (%) 143.23 143.60
Price / LTM EPS (x) NM NM
Price / Deposits (%) 11.51 11.42
Price / Assets (%) 9.87 9.83
Tang Book Premium / Core Deposits (%) 4.00 4.01


Deal Terms

Description of Consideration
Liberty paid book value for Peoples plus a premium, subject to certain adjustments, for an aggregate of about $8.3 million in cash and stock as estimated by Liberty. About fifty percent of the consideration was paid in cash.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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  
         
Consideration Breakout
Cash ($M)   4.2
Common Stock ($M)   4.2
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 Mitchell Williams Selig Gates
 
Seller Yes McAfee & Taft

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