Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Rock Bancshares Inc. (Click for buyer financial information)
Target:  HCB Bancshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 1/13/04   Announced Deal Value ($M) 28.6
Status Completed   Announced Deal Value Per Share ($) 18.63
Completion Date 8/26/04      
 
Deal Summary
Rock Bancshares Inc. is a privately held Arkansas corporation that was created to facilitate the deal. Rock will enter four Arkansas counties, including Ouachita County, AR, assuming a first-place rank with 24.23% of about $342.4 million in market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 99.76 94.48
Price / Tangible Book (%) 99.76 94.48
Price / LTM EPS (x) 62.10 53.23
Price / Deposits (%) 19.58 20.89
Price / Assets (%) 11.80 12.69
Tang Book Premium / Core Deposits (%) 1.29 0.36


Deal Terms

Description of Consideration
Rock Bancshares paid $18.63 in cash for each share of HCB Bancshares.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   28.6
Common Stock ($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
Hoefer & Arnett Inc.
 
Seller Yes Gerrish Smith Tuck PC
Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Quattlebaum Grooms Tull
 
Seller Yes Stradley Ronon Stevens & Young

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