Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Southern Bancorp, Inc (Click for buyer financial information)
Target:  Timberland Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 3/24/09   Announced Deal Value ($M) 5.0
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 6/26/09      
 
Deal Summary
Arkadelphia, Ark.-based Southern Bancorp Inc. unit Southern Bancorp Bank of Arkansas has agreed to acquire El Dorado, Ark.-based Timberland Bancshares Inc. unit Timberland Bank. Southern Bancorp Inc. will enter Union County, Ark. with 3 branches to be ranked No. 5 with a 11.8% share of $1.2 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 75.71 75.73
Price / Tangible Book (%) 75.71 75.73
Price / LTM EPS (x) NM NM
Price / Deposits (%) 4.73 4.95
Price / Assets (%) 3.74 3.88
Tang Book Premium / Core Deposits (%) (2.66) (3.16)


Deal Terms

Description of Consideration
Southern Bancorp Inc. paid approximately $5.0 million in cash to acquire Timberland Bank. As part of the agreement, Timberland Bank had to pay a dividend to Timberland Bancshares Inc. shareholders valued at approximately $5.8 million.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   5.0
Common Stock ($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 Yes Dover Dixon Horne PLLC
 
Seller Yes Quattlebaum Grooms Tull

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