Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Citizens Bancshares of Batesville, Inc. (Click for buyer financial information)
Target:  Parkway Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 10/13/15   Announced Deal Value ($M) 21.8
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 12/21/15      
 
Deal Summary
Batesville, Ark.-based Citizens Bancshares of Batesville Inc. unit Citizens Bank has acquired Rogers, Ark.-based Parkway Bank from Portland, Ark.-based Parkway Bankshares Inc. Citizens Bancshares of Batesville Inc. will enter Drew County, Ark., with two branches to be ranked third with a 11.17% share of approximately $376.56 million in total market deposits, will enter Ashley County, Ark., with two branches to be ranked fourth with a 11.92% share of approximately $281.75 million in total market deposits and will enter Benton County, Ark., with one branch to be ranked No. 19 with a 0.63% share of approximately $4.24 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 142.52 141.34
Price / Tangible Book (%) 142.52 141.34
Price / LTM EPS (x) 28.46 26.08
Price / Deposits (%) 21.34 20.14
Price / Assets (%) 16.54 16.32
Tang Book Premium / Core Deposits (%) 9.01 8.26


Deal Terms

Description of Consideration
Citizens Bancshares of Batesville Inc. paid approximately $21.8 million in cash to acquire all of the outstanding shares of Parkway Bank. Buyer financials are for Citizens Bank.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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 ($M)   21.8
Common Stock ($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 Yes Dover Dixon Horne PLLC
 
Seller NA NA

© Copyright 2017, SNL Financial LC

Terms of Use