Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Southern Bancorp, Inc. (Click for buyer financial information)
Target:  Bolivar Banking Corporation (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 8/14/14   Announced Deal Value ($M) 1.2
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 12/13/14      
Deal Summary
Arkadelphia, Ark.-based Southern Bancorp Inc. has acquired Shelby, Miss.-based Bolivar Banking Corp. Ratios at completion are based on Bolivar Banking Corp.'s June 30, 2014 small parent equity and LTM net income of $1,562,000 and $106,000 respectively. Southern Bancorp Inc. will expand in Bolivar County, Miss., by two branches to be ranked eighth with a 3.72% share of approximately $581.69 million in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 73.62 73.62
Price / Tangible Book (%) 73.62 73.62
Price / LTM EPS (x) 10.85 10.85
Price / Deposits (%) 7.53 8.05
Price / Assets (%) 6.82 7.22
Tang Book Premium / Core Deposits (%) NM NM

Deal Terms

Description of Consideration
Southern Bancorp, Inc. paid $1.15 million to acquire Bolivar Banking Corporation. Target's financials are for Bank of Bolivar County.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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)   0
Common Stock ($M)   0
Common Shares Issued   0
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   1.2

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
Seller NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Seller NA NA

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