Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  First Security Bancorp (Click for buyer financial information)
Target:  Union Bancshares of Benton, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/1/08   Announced Deal Value ($M) 29.0
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 8/26/08      
 
Deal Summary
Searcy, Ark.-based First Security Bancorp has agreed to acquire Benton, Ark.-based Union Bancshares of Benton Inc. Ratios at completion are based on Jun 30, 2008 small parent Equity and LTM Net income of $18,024,000 and $1,599,000, respectively. First Security Bancorp will expand in Saline County, Ark. by 6 branches to be ranked No. 2 with a 22.9% share of $797.5 million in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 157.70 160.90
Price / Tangible Book (%) 157.70 160.90
Price / LTM EPS (x) 19.90 18.14
Price / Deposits (%) 15.65 14.90
Price / Assets (%) 12.73 12.22
Tang Book Premium / Core Deposits (%) 6.78 6.81


Deal Terms

Description of Consideration
First Security Bancorp paid $29.0 million to acquire Union Bancshares of Benton, Inc. Target's financials are for Union Bank of Benton.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   0
Common Stock ($M)   0
Common Shares Issued   0
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   29.0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
 
Seller NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
 
Seller NA NA

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