Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  IBERIABANK Corporation (Click for buyer financial information)
Target:  Pocahontas Bancorp, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 7/26/06   Announced Deal Value ($M) 79.0
Status Completed   Announced Deal Value Per Share ($) 16.72
Completion Date 2/1/07      
 
Deal Summary
Lafayette, La.-based IBERIABANK Corp. will acquire the Jonesboro, Ark.-based Pocahontas Bancorp Inc. IBERIABANK Corp. will enter the Tulsa, Okla. MSA with 1 branch to be ranked No. 62 with a 0.02% of $13.3 billion in market deposits, the Jonesboro, Ark. MSA with 6 branches to be ranked No. 4 with a 9.0% of $2.0 billion in market deposits and the Paragould, Ark. MSA with 2 branches to be ranked No. 8 with a 1.4% share of $592.4 million in total market deposits. The transaction is anticipated to be accretive to book value per share by $3.85, or 14%.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 150.84 140.51
Price / Tangible Book (%) 204.16 187.16
Price / LTM EPS (x) 25.34 33.40
Price / Deposits (%) 14.78 13.59
Price / Assets (%) 10.78 10.26
Tang Book Premium / Core Deposits (%) NA 8.90


Deal Terms

Description of Consideration
IBERIABANK Corp. exchanged 0.2781 share for each outstanding share of Pocahontas Bancorp Inc. Options were exchanged for $16 in cash.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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 (%) 19.00   Est. Restructuring Charges ($000) 6,000
Termination Fee ($000) NA  
Exchange Ratio
(Common For Common)
0.2781  
         
Consideration Breakout
Cash ($M)   1.4
Common Stock ($M)   74.4
Common Shares Issued   1,287,793
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 Howe Barnes Hoefer & Arnett
 
Seller Yes DD&F Consulting Group
RP Financial LC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Jones Walker LLP
 
Seller Yes Luse Gorman PC

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