Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Liberty Bancshares, Inc. (Click for buyer financial information)
Target:  TrustBanc Financial Group, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 12/3/04   Announced Deal Value ($M) 28.0
Status Completed   Announced Deal Value Per Share ($) 322.04
Completion Date 3/15/05      
 
Deal Summary
Jonesboro, AR-based Liberty Bancshares signed an agreement to acquire Mountain Home, AR-based TrustBanc Financial Group and unit TrustBanc, expanding its Arkansas footprint to include north central Arkansas. Liberty Bancshares will enter Baxter County, AR holding a fourth place rank with 10.6% of about $790.8 million in deposits. Liberty Bancshares acquired Arkansas State Bancshares Inc. on Oct. 4, 2004 for about $31.7 million in cash. Pricing ratios are based on June 30, 2004 small parent equity of $10,632,000 and trailing-four-quarters' earnings of $1,040,000.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 263.20 263.20
Price / Tangible Book (%) 263.30 263.30
Price / LTM EPS (x) 26.91 26.91
Price / Deposits (%) 33.52 31.31
Price / Assets (%) 24.72 24.44
Tang Book Premium / Core Deposits (%) 25.72 24.43


Deal Terms

Description of Consideration
Liberty paid $322.04 for each outstanding share of TrustBanc, subject to 30% of the consideration being paid in cash and 70% being paid in stock. Seller's financials are for TrustBanc.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   8.4
Common Stock ($M)   19.6
Common Shares Issued   NA
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 No NA
 
Seller Yes DD&F Consulting Group
Southard Financial
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dover Dixon Horne PLLC
 
Seller Yes Quattlebaum Grooms Tull

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