Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  First Financial Banc Corporation (Click for buyer financial information)
Target:  Cornerstone Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 2/9/06   Announced Deal Value ($M) 8.3
Status Completed   Announced Deal Value Per Share ($) 38.74
Completion Date 5/15/06      
 
Deal Summary
El Dorado, Ark.-based First Financial Banc Corp. unit First Financial Bank, has agreed to acquire Senatobia, Miss.-based Cornerstone Bank. First Financial will enter DeSoto County, Miss., ranked No. 13 with 0.4% of $1.4 billion in market deposits, and Tate County, Miss., ranked No. 4 with 12.0% of $320.9 million.  This marks First Financial's first bank company acquisition and its entry into Mississippi. This acquisition moves First Financial closer to the greater Memphis area.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 205.01 205.01
Price / Tangible Book (%) 205.01 205.01
Price / LTM EPS (x) NM NM
Price / Deposits (%) 19.51 19.51
Price / Assets (%) 17.73 17.73
Tang Book Premium / Core Deposits (%) 14.52 14.52


Deal Terms

Description of Consideration
First Financial paid $38.736199 in cash for each outstanding share of Cornerstone Bank. Total deal value accounts for various adjustments including a downward adjustment based on equity being less than $4,065,589.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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 ($M)   8.3
Common Stock ($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
 
Seller No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer No NA
 
Seller Yes Watkins Ludlam Winter

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