| Deal Overview |
| Buyer:
Mountain Home Bancshares, Inc. (Click for buyer financial information)
|
| Target:
Pocahontas Bankstock, Inc. (Click for target financial information) |
| Deal Type:
Bank & Thrift Company |
| Announcement Date |
3/24/04 |
|
Announced Deal Value ($M) |
17.5 |
| Status |
Completed |
|
Announced Deal Value Per Share ($) |
409.98
|
| Completion Date |
6/30/04 |
|
|
|
| |
| Mountain Home will expand their existing branch footprint in the state of Arkansas to include Randolph, Sharp and Lawrence counties with the signing of a definitive agreement to acquire Pocahontas Bankstock. Mountain Home will assume the No. 2 rank in Randolph County, AR with 39.65% of about $250.6 million in deposits. Ratios at announcement are based on June 30, 2003 small parent equity of $11,148,000 and trailing-four-quarters' net loss of $111,000. Ratios at completion are based on Dec. 31, 2003 small parent equity of $11,281,000 and trailing-four-quarters' net income of $1,623,000.
|
|
Deal Pricing Ratios |
| Price / Book (%) |
148.01 |
155.27 |
| Price / Tangible Book (%) |
148.01 |
155.27 |
| Price / LTM EPS (x) |
NM |
16.60 |
| Price / Deposits (%) |
16.74 |
17.44 |
| Price / Assets (%) |
13.62 |
13.98 |
| Tang Book Premium / Core Deposits (%) |
6.44 |
7.20 |
|
|
Deal Terms
|
Description
of Consideration
Mountain Home paid about $17.5 million in cash to acquire Pocahontas. Seller's financials are for Bank of Pocahontas.
|
| Accounting Method |
NA |
|
Lockup Agreement |
No |
| In-State Transaction? |
Yes |
|
Strike Price ($) |
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 ($000) |
NA |
|
| |
|
|
|
|
| Cash ($M) |
|
17.5 |
| 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 |
| Buyer |
Yes |
DD&F Consulting Group |
| |
| Seller |
No |
NA |
| Legal
Counsel |
| Buyer |
Yes |
McAfee & Taft |
| |
| Seller |
Yes |
Gerrish McCreary Smith PC |
|
|
