Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Omaha Financial Holdings, Inc. (Click for buyer financial information)
Target:  Midlands Financial Services, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 6/28/07   Announced Deal Value ($M) 50.5
Status Completed   Announced Deal Value Per Share ($) 372.86
Completion Date 11/5/07      
Deal Summary
Omaha Financial Holdings Inc., a newly-formed subsidiary of Omaha, Neb.-based Mutual of Omaha Insurance Co., has agreed to acquire Omaha, Neb.-based Midlands Financial Services Inc. Ratios at agreement are based on December 31, 2006 small parent equity and LTM net income of $17,149,000 and $2,755,000, respectively. At completion, ratios are based on June 30, 2007 small parent equity and LTM net income of $17,842,000 and $3,455,000, respectively.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 294.48 283.04
Price / Tangible Book (%) 294.48 283.04
Price / LTM EPS (x) 28.20 22.49
Price / Deposits (%) 22.27 21.79
Price / Assets (%) 19.25 18.74
Tang Book Premium / Core Deposits (%) 19.42 19.13

Deal Terms

Description of Consideration
Omaha Financial Holdings Inc. paid $372.86 in cash for each outstanding share of Midlands Financial Services Inc. common stock. Target's financials are for Nebraska State Bank of Omaha.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? In Market   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)   50.5
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
Keefe Bruyette & Woods Inc.
SAMCO Capital Markets Inc.
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Baird Holm LLP
Venable LLP
Seller Yes DLA Piper LLP

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