Mergers and Acquisitions
Transaction Details
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      
Deal Summary
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
  Announcement Completion
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 ($000) NA  
Consideration Breakout
Cash ($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
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
Seller No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Seller Yes Quattlebaum Grooms Tull

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