| Deal Overview |
| Buyer:
First National Corporation of Wynne (Click for buyer financial information)
|
| Target:
Bank of Harrisburg (Click for target financial information) |
| Deal Type:
Bank & Thrift Company |
| Announcement Date |
4/20/05 |
|
Announced Deal Value ($M) |
14.9 |
| Status |
Completed |
|
Announced Deal Value Per Share ($) |
NA
|
| Completion Date |
8/1/05 |
|
|
|
| |
| First National Corp. of Wynne will acquire Bank of Harrisburg, a subsidiary of Lake Hamilton Enterprises Inc. First National will expand its market share in Poinsett County, AR with a No. 2 ranking and a 20.1% share of approximately $291.0 million in total deposits. Harold Hardwick, president of First National Bank commented that there are "no immediate plans" to get rid of the Bank of Harrisburg charter. On April 15, Lake Hamilton Enterprises entered into a tentative agreement to sell the holding company and its other subsidiary, First Team Bank, to First Arkansas Bancshares Inc.
|
|
Deal Pricing Ratios |
| Price / Book (%) |
235.01 |
223.91 |
| Price / Tangible Book (%) |
235.01 |
223.91 |
| Price / LTM EPS (x) |
15.25 |
15.63 |
| Price / Deposits (%) |
24.57 |
25.45 |
| Price / Assets (%) |
22.06 |
21.84 |
| Tang Book Premium / Core Deposits (%) |
18.91 |
19.82 |
|
|
Deal Terms
|
Description
of Consideration
First National Corp. paid an amount in cash equal to 2.35 times the March 31, 2005 equity value of Bank of Harrisburg.
|
| Accounting Method |
NA |
|
Lockup Agreement |
No |
| In-State Transaction? |
Yes |
|
Strike Price ($) |
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 ($000) |
NA |
|
| |
|
|
|
|
| Cash ($M) |
|
14.9 |
| 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 |
No |
NA |
| |
| Seller |
Yes |
DD&F Consulting Group |
| Legal
Counsel |
| Buyer |
Yes |
Quattlebaum Grooms Tull |
| |
| Seller |
Yes |
McAfee & Taft |
|
