Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  MIDFLORIDA Credit Union (Click for buyer financial information)
Target:  Community Bank and Trust of Florida (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/3/19   Announced Deal Value ($M) NA
Status Pending   Announced Deal Value Per Share ($) NA
 
Deal Summary
Lakeland, Fla.-based MIDFLORIDA CU has agreed to acquire Ocala, Fla.-based Community Bank and Trust of Florida from Florida Community Bankshares Inc. Community Bank and Trust of Florida operates two branches in Sumter County, Fla., ranked eighth with a 3.91% share of approximately $2.79 billion in total market deposits, operates two branches in Alachua County, Fla., ranked No. 13 with a 1.42% share of approximately $4.38 billion in total market deposits and operates seven branches in Marion County, Fla., ranked sixth with a 7.68% share of approximately $6.19 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) NA NA
Price / Tangible Book (%) NA NA
Price / LTM EPS (x) NA NA
Price / Deposits (%) NA NA
Price / Assets (%) NA NA
Tang Book Premium / Core Deposits (%) NA NA


Deal Terms

Description of Consideration
The terms of the cash deal were not disclosed.
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 ($M)   NA
Common Stock ($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 Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Howard & Howard Attorneys PLLC
 
Seller Yes Smith Mackinnon PA

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