Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Union Bankshares, Inc. (Click for buyer financial information)
Target:  First Paris Holding Company (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 6/28/05   Announced Deal Value ($M) 15.8
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 9/1/05      
 
Deal Summary
Union Bankshares Inc. has agreed to acquire Paris, AR-based First Paris Holding Co. With the acquisition, Union Bankshares will enter Logan County, AR with a 22.9% market share of approximately $307.3 million in total deposits. Union Bankshares will also enter Scott County, AR with an 8.9% market share of about $173.0 million in total deposits. This deal marks the first acquisition for Union Bankshares. Ratios are based on Dec. 31, 2004 small parent equity of $8,704,000 and LTM earnings of $855,000. Buyer's financials are for Union Bank of Mena. Seller's financials are for First National Bank at Paris.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 182.03 182.03
Price / Tangible Book (%) 185.61 186.09
Price / LTM EPS (x) 18.53 18.53
Price / Deposits (%) 17.92 18.71
Price / Assets (%) 15.45 15.98
Tang Book Premium / Core Deposits (%) 10.63 11.05


Deal Terms

Description of Consideration
Union paid an amount in cash equal to $16.1 million minus the amount by which First Paris' equity is less than $8.96 million.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   15.8
Common Stock ($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 No NA
 
Seller Yes DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dover Dixon Horne PLLC
 
Seller Yes McAfee & Taft

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