Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  First Arkansas Bancshares, Inc. (Click for buyer financial information)
Target:  Greers Ferry Lake State Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/30/08   Announced Deal Value ($M) 9.7
Status Completed   Announced Deal Value Per Share ($) 162.26
Completion Date 8/5/08      
 
Deal Summary
Jacksonville, Ark.-based First Arkansas Bancshares Inc. unit First Arkansas Bank & Trust has agreed to acquire Newport, Ark.-based M&P Community Bancshares Inc. unit Heber Springs, Ark.-based Greers Ferry Lake State Bank. First Arkansas Bancshares Inc. will expand in Cleburne County, Ark. by 3 branches to be ranked No. 1 with a 40.3% share of $398.8 million in total market deposits, and will enter Van Buren County, Ark. with 1 branch to be ranked No. 6 with a 5.4% share of $208.8 million in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 191.99 194.72
Price / Tangible Book (%) 191.99 194.72
Price / LTM EPS (x) 19.09 18.23
Price / Deposits (%) 18.39 18.35
Price / Assets (%) 15.44 15.33
Tang Book Premium / Core Deposits (%) 13.58 13.46


Deal Terms

Description of Consideration
First Arkansas Bancshares Inc paid $162.26 per share in cash for each outstanding share of Greers Ferry Lake State Bank. Buyer's financials are for First Arkansas Bank & Trust.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   9.7
Common Stock ($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
 
Seller NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
 
Seller Yes Gerrish Smith Tuck PC

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