Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Home Bancshares, Inc. (Click for buyer financial information)
Target:  Marine Bancorp, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 1/25/05   Announced Deal Value ($M) 16.8
Status Completed   Announced Deal Value Per Share ($) 24.50
Completion Date 6/1/05      
Deal Summary
Home Bancshares has agreed to acquire Marine Bancorp. The two banks plan to make a joint effort to expand Marine's footprint. Most of the expansion will occur in the Florida Keys, with some expansion into South Florida. With the acquisition, Home enters Monroe County, FL ranking No. 4 with an 8.1% share of about $2.0 billion in deposits. Seller's financials at announcement are for Marine Bank of the Florida Keys. Announcement pricing ratios are based on Marine Bancorp's September 30, 2004 equity of $8,475,000.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 127.17 190.50
Price / Tangible Book (%) 197.90 190.50
Price / LTM EPS (x) 12.91 17.33
Price / Deposits (%) 10.29 9.38
Price / Assets (%) 8.33 7.36
Tang Book Premium / Core Deposits (%) 6.82 5.84

Deal Terms

Description of Consideration
Home issued 0.644737 preferred share or paid $24.50 in cash, subject to 60.5% of the consideration being paid in cash. Home preferred shares were valued at $38.00.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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)   10.1
Common Stock ($M)   0
Common Shares Issued   0
Preferred Stock ($M)   6.6
Preferred Shares Issued   162,039
Debt ($M)   0
Other ($M)   0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
Stephens Inc.
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mitchell Williams Selig Gates
Seller Yes Akerman LLP

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