Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Bank of the Ozarks, Inc. (Click for buyer financial information)
Target:  Genala Banc, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 10/4/12   Announced Deal Value ($M) 27.3
Status Completed   Announced Deal Value Per Share ($) 1,100.00
Completion Date 12/31/12      
 
Deal Summary
Little Rock, Ark.-based Bank of the Ozarks Inc. unit Bank of the Ozarks has acquired Geneva, Ala.-based Genala Banc Inc. Ratios are based on Genala Banc Inc.'s 06/30/2012 small parent equity and LTM net income of $28,645,000 and $1,637,000, respectively. Bank of the Ozarks Inc. will enter Geneva County, Ala., with one branch to be ranked first with a 29.44% share of approximately $481.19 million in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 95.43 96.07
Price / Tangible Book (%) 95.43 96.07
Price / LTM EPS (x) 16.70 16.81
Price / Deposits (%) 19.29 19.97
Price / Assets (%) 16.04 16.50
Tang Book Premium / Core Deposits (%) (1.24) (1.10)


Deal Terms

Description of Consideration
Bank of the Ozarks Inc. paid approximately $13.4 million in cash and issued 423,616 shares of its common stock to acquire all of the outstanding shares of Genala Banc Inc. Target's financials are for its subsidiary Citizens Bank.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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 ($M)   13.4
Common Stock ($M)   14.1
Common Shares Issued   423,616
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
FIG Partners LLC
 
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Kutak Rock LLP
 
Seller Yes Bradley Arant Boult Cummings

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