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 |
|
|