Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Arvest Bank Group, Inc. (Click for buyer financial information)
Target:  National Banking Corp. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 9/30/13   Announced Deal Value ($M) 9.6
Status Completed   Announced Deal Value Per Share ($) 102.00
Completion Date 12/7/13      
 
Deal Summary
Bentonville, Ark.-based Arvest Bank Group Inc. unit Arvest Holdings Inc. has acquired North Little Rock, Ark.-based National Banking Corp. Ratios are based on National Banking Corp.'s June 30, 2013 small parent equity and LTM net loss of $8,466,000 and $404,000 respectively. Arvest Bank Group Inc. will expand in Faulkner County, Ark., with two branches to be ranked fourth with a 6.58% share of approximately $1.58 billion in total market deposits and will expand in Pulaski County, Ark., with five branches to be ranked third with a 7.79% share of approximately $10.46 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 113.06 113.06
Price / Tangible Book (%) 113.06 113.06
Price / LTM EPS (x) NM NM
Price / Deposits (%) 5.97 6.11
Price / Assets (%) 5.12 5.22
Tang Book Premium / Core Deposits (%) 0.80 0.82


Deal Terms

Description of Consideration
Arvest Bank Group Inc. paid approximately $102 in cash for each outstanding share of National Banking Corp. Target's financials are for National Bank of Arkansas in North Little Rock.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   9.6
Common Stock ($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 No NA
 
Seller Yes DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hilburn Calhoon Harper Prunisk
 
Seller NA NA

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