Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Simmons First National Corporation (Click for buyer financial information)
Target:  Reliance Bancshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 8/3/18   Announced Deal Value ($M) 172.2
Status Completed   Announced Deal Value Per Share ($) 1.77
Completion Date 4/12/19      
 
Deal Summary
Pine Bluff, Ark.-based Simmons First National Corp. has acquired Frontenac, Mo.-based Reliance Bancshares Inc. Simmons First National Corp. will expand in Missouri, by 18 branches to be ranked No. 11 with a 1.28% share of approximately $163.04 billion in total market deposits and will enter Illinois, with four branches to be ranked No. 199 with a 0.04% share of approximately $482.55 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 188.32 178.59
Price / Tangible Book (%) 188.32 168.51
Price / LTM EPS (x) NM NA
Price / Deposits (%) 14.75 13.49
Price / Assets (%) 11.53 10.70
Tang Book Premium / Core Deposits (%) 8.81 7.24


Deal Terms

Description of Consideration
Simmons First National Corp. paid approximately $ 0.6021 per share in cash and exchanged 0.0431 shares of its common stock for each of the outstanding share of Reliance Bancshares Inc., subject to certain adjustments. Each share of Reliance’s series A preferred stock, series B preferred stock and series C preferred stock was converted into the right to receive one share of the Simmons comparable series A preferred stock, series B preferred stock or series C preferred stock, respectively.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Partial Overlap   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) 30.00   Est. Restructuring Charges ($000) 6,400
Termination Fee ($000) NA  
Exchange Ratio
(Common For Common)
0.0431  
         
Consideration Breakout
Cash ($M)   52.2
Common Stock ($M)   94.9
Common Shares Issued   3,999,623
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 Keefe Bruyette & Woods Inc.
 
Seller Yes DD&F Consulting Group
Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Covington & Burling LLP
 
Seller Yes Lewis Rice

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