| 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 |
|
|
|
| |
| 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 |
| 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 ($000) |
NA |
|
| |
|
|
|
|
| Cash ($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 |
| Buyer |
No |
NA |
| |
| Seller |
Yes |
DD&F Consulting Group |
| Legal
Counsel |
| Buyer |
Yes |
Hilburn Calhoon Harper Prunisk |
| |
| Seller |
NA |
NA |
|
|
