| Deal Overview |
| Buyer:
First Bank Corp (Click for buyer financial information)
|
| Target:
Bor Bancshares, Incorporated (Click for target financial information) |
| Deal Type:
Bank & Thrift Company |
| Announcement Date |
9/16/04 |
|
Announced Deal Value ($M) |
26.6 |
| Status |
Completed |
|
Announced Deal Value Per Share ($) |
NA
|
| Completion Date |
11/30/04 |
|
|
|
| |
| First Bank Corp will expand its operations into northwestern Arkansas with the signing of an agreement to acquire Bor Bancshares and unit Bank of Rogers. First Bank Corp. well enter Benton County, AR, ranked No. 6 with a 3.9% share of about $2.4 billion in deposits. Upon closing of the deal, Bank of Rogers will operate as a separate unit of First Bank Corp. First Bank's last bank deal was the acquisition of Sebastian Bankshares in December 1998 for $11.0 million in cash. Ratios based on June 30, 2004 small parent equity of $8,498,000 and LTM net income of $1,573,000.
|
|
Deal Pricing Ratios |
| Price / Book (%) |
312.72 |
312.72 |
| Price / Tangible Book (%) |
312.72 |
312.72 |
| Price / LTM EPS (x) |
16.53 |
17.72 |
| Price / Deposits (%) |
26.44 |
25.37 |
| Price / Assets (%) |
22.31 |
21.57 |
| Tang Book Premium / Core Deposits (%) |
23.87 |
22.68 |
|
|
Deal Terms
|
Description
of Consideration
First Bank paid about $26.6 million in cash to acquire Bor Bancshares. Seller's financials are for Bank of Rogers.
|
| Accounting Method |
NA |
|
Lockup Agreement |
No |
| In-State Transaction? |
Yes |
|
Strike Price ($) |
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) |
|
26.6 |
| 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 |
| Buyer |
Yes |
DD&F Consulting Group |
| |
| Seller |
No |
NA |
| Legal
Counsel |
| Buyer |
NA |
NA |
| |
| Seller |
Yes |
Quattlebaum Grooms Tull |
|
|
