Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Home Bancshares, Inc. (Click for buyer financial information)
Target:  TCBancorp Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 11/23/04   Announced Deal Value ($M) 44.0
Status Completed   Announced Deal Value Per Share ($) 28.28
Completion Date 1/1/05      
 
Deal Summary
Conway, AR-based Home Bancshares has agreed to acquire the remaining 67.8% of North Little Rock, AR-based TCBancorp that it doesn't already own. TCBancorp has a 5.5% share of about $6.5 billion in deposits in Pulaski County, AR. Home Bancshares completed its acquisition of Cabot, AR-based Community Financial Group Inc. in March 2004 for approx. $43.0 million in cash and preferred stock. Home Bancshares also terminated its pending acquisition of Jonesboro, AR-based Russellville Bancshares Inc. in April 2004. The stock consideration to be paid to TCBancorp assumes a $35 per share value for Home Bancshares' stock.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 105.55 105.66
Price / Tangible Book (%) 108.07 108.18
Price / LTM EPS (x) 23.93 23.95
Price / Deposits (%) 15.94 15.94
Price / Assets (%) 11.61 11.62
Tang Book Premium / Core Deposits (%) 2.05 2.05


Deal Terms

Description of Consideration
Home issued 0.8081 share to qualified Arkansas residents or paid $28.2835 in cash to non-qualified Arkansas residents for each share of TCBancorp, subject to a maximum of 49% of the total consideration being paid in cash.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? In Market   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  
Exchange Ratio
(Common For Common)
0.8081  
         
Consideration Breakout
Cash ($M)   NA
Common Stock ($M)   NA
Common Shares Issued   1,250,271
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   44.0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
Stifel Nicolaus & Co.
 
Seller Yes Mercer Capital Management Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mitchell Williams Selig Gates
 
Seller Yes Hilburn Calhoon Harper Prunisk

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