Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Omaha Financial Holdings, Inc. (Click for buyer financial information)
Target:  Security Federal Savings (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/22/07   Announced Deal Value ($M) 21.7
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 10/25/07      
Deal Summary
Omaha Financial Holdings Inc., a newly-formed subsidiary of Omaha, Neb.-based Mutual of Omaha Insurance Co. has agreed to acquire Lincoln, Neb.-based Security Federal Savings from Lincoln, Neb.-based Security Holding Co. Security Federal Savings currently operates two branches in Lancaster County, Neb., ranked No. 12 with a 2.0% share of $4.0 billion in total market deposits. According to the release, Mutual of Omaha Insurance Co. formed Omaha Financial Holdings Inc., in January of 2007 to pursue banking initiatives. This is the second acquisition announced this month by Omaha Financial Holdings.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 210.37 209.54
Price / Tangible Book (%) 210.37 209.54
Price / LTM EPS (x) 23.43 23.52
Price / Deposits (%) 26.89 27.43
Price / Assets (%) 17.81 19.02
Tang Book Premium / Core Deposits (%) 15.74 15.77

Deal Terms

Description of Consideration
Omaha Financial Holdings Inc. paid approx. $22.4 million in cash including certain adjustments of Security's total equity exceeding $10.0 million to acquire Security Federal Savings.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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)   22.4
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 Capital Corporation LLC
DD&F Consulting Group
Keefe Bruyette & Woods Inc.
SAMCO Capital Markets Inc.
Seller No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Baird Holm LLP
Venable LLP
Seller NA NA

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