Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Home BancShares, Inc. (Click for buyer financial information)
Target:  Florida Business BancGroup, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 6/3/15   Announced Deal Value ($M) 102.3
Status Completed   Announced Deal Value Per Share ($) 13.00
Completion Date 10/1/15      
 
Deal Summary
Conway, Ark.-based Home BancShares Inc. unit Centennial Bank has acquired Tampa, Fla.-based Florida Business BancGroup Inc. Ratios at completion are based on Florida Business BancGroup Inc.'s June 30, 2015 small parent equity and LTM net income of $71,716,000 and $78,000 respectively. Home BancShares Inc. will expand in Hillsborough County, Fla., by 4 branches to be ranked No. 11 with a 1.58% share of approximately $25.58 billion in total market deposits and will enter Pinellas County, Fla., with one branch to be ranked No. 27 with a 0.23% share of approximately $32.61 billion in total market deposits and will enter Sarasota County, Fla., with one branch. The total market deposits in the Sarasota County are approximately $11.56 billion.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 148.40 186.89
Price / Tangible Book (%) 148.76 186.89
Price / LTM EPS (x) 21.39 NM
Price / Deposits (%) 22.18 22.23
Price / Assets (%) 18.94 19.86
Tang Book Premium / Core Deposits (%) 9.78 13.65


Deal Terms

Description of Consideration
Home BancShares Inc. paid approximately $13.00 per share in cash and stock to acquire each outstanding shares of Florida Business BancGroup Inc., subject to 80% of the consideration being paid in stock. Exchange ratio was subject to adjustment based on Home BancShares Inc., closing price within a $28.92-$39.12 cap/floor. In addition Florida Business BancGroup Inc. redeemed its 15,360 shares of Series F Preferred Stock outstanding. Target financials on completion are for Bay Cities Bank.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Partial Overlap   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) 474
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   20.3
Common Stock ($M)   84.2
Common Shares Issued   2,079,854
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
Wunderlich Securities Inc.
 
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mitchell Williams Selig Gates
 
Seller Yes Bryan Cave LLP

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