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 Smith Tuck PC |
|
|