Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Liberty Bancshares, Inc. (Click for buyer financial information)
Target:  Russellville Bancshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 8/17/05   Announced Deal Value ($M) 24.5
Status Completed   Announced Deal Value Per Share ($) 654.91
Completion Date 11/14/05      
 
Deal Summary
Liberty Bancshares has signed a share purchase agreement with shareholders of Russellville Bancorp to acquire an additional 37,373 shares of Russellville. This purchase will increase Liberty's ownership in Russellville to 53.14%. Liberty has assigned Russellville the right to repurchase 9,000 of the shares being acquired in the deal. Liberty intends to purchase the remaining shares of Russellville in the future. Russellville was involved in a similar transaction with Home Bancshares that terminated in 2004. Liberty will move up to No. 7 in the state of Arkansas with a 3.2% share of about $38.7 billion in deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 224.51 207.24
Price / Tangible Book (%) 287.01 258.72
Price / LTM EPS (x) 13.59 13.91
Price / Deposits (%) 24.35 23.36
Price / Assets (%) 17.22 16.66
Tang Book Premium / Core Deposits (%) 22.90 21.13


Deal Terms

Description of Consideration
Liberty Bancshares paid $654.91 in cash for 37,473 shares of Russellville Bancshares.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   24.5
Common Stock ($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 Yes DD&F Consulting Group
Southard Financial
 
Seller NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
 
Seller NA NA

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