Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Ironhorse Financial Group, Inc. (Click for buyer financial information)
Target:  Benefit Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 12/22/14   Announced Deal Value ($M) 32.2
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 4/24/15      
 
Deal Summary
Muskogee, Okla.-based Ironhorse Financial Group Inc. has acquired Fort Smith, Ark.-based Benefit Bank from Benefit Financial Group Inc. Ironhorse Financial Group Inc. will enter Sebastian County, Ark., with four branches to be ranked sixth with a 5.68% share of approximately $2.46 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 160.41 147.84
Price / Tangible Book (%) 160.41 147.84
Price / LTM EPS (x) 35.61 30.19
Price / Deposits (%) 21.62 20.39
Price / Assets (%) 17.17 16.54
Tang Book Premium / Core Deposits (%) 11.20 9.01


Deal Terms

Description of Consideration
Ironhorse Financial Group Inc. paid approximately $32.2 million in cash to acquire all of the outstanding shares of Benefit Bank.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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 ($M)   32.2
Common Stock ($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 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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