Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Superior Bancorp (Click for buyer financial information)
Target:  People's Community Bancshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 1/18/07   Announced Deal Value ($M) 75.9
Status Completed   Announced Deal Value Per Share ($) 32.20
Completion Date 7/27/07      
 
Deal Summary
Birmingham, Ala.-based Superior Bank unit of Superior Bancorp has agreed to acquire Sarasota, Fla.-based People's Community Bancshares. Superior Bancorp will enter Sarasota County, Fla., with 2 branches to be ranked No. 13 with a 1.8% share of $11.3 billion in total market deposits, and will enter Manatee County, Fla., with 1 branch to be ranked No. 24 with a 0.4% share of $5.3 billion in total market deposits. Ratios at ann. are based on June 30, 2006 SP equity and LTM NI of $24,094,000 & $3,443,000 respectively. Ratios at comp. are based on Dec,31 2006 SP equity and LTM NI of $24,835,000 & $3,442,000 respectively.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 315.05 231.83
Price / Tangible Book (%) 315.05 231.83
Price / LTM EPS (x) 22.05 17.40
Price / Deposits (%) 30.25 23.40
Price / Assets (%) 23.53 18.35
Tang Book Premium / Core Deposits (%) 24.56 16.06


Deal Terms

Description of Consideration
Superior Bancorp issued 2.9036 shares of its common stock for each share of People's Community Bancshares Inc. Options were exchanged for cash. Seller's financials are for People's Community Bank of the West Coast.
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) 5,157
Termination Fee ($000) NA  
Exchange Ratio
(Common For Common)
2.9036  
         
Consideration Breakout
Cash ($M)   1.4
Common Stock ($M)   58.5
Common Shares Issued   6,635,125
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
Sandler O'Neill & Partners LP
 
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
 
Seller Yes Igler and Pearlman PA

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