| Deal Overview |
| Buyer:
Southern Bancorp, Inc. (Click for buyer financial information)
|
| Target:
Farmers Bank (Click for target financial information) |
| Deal Type:
Bank & Thrift Company |
| Announcement Date |
1/24/17 |
|
Announced Deal Value ($M) |
4.5 |
| Status |
Completed |
|
Announced Deal Value Per Share ($) |
NA
|
| Completion Date |
6/3/17 |
|
|
|
| |
| Arkadelphia, Ark.-based Southern Bancorp Inc. unit Southern Bancorp Bank has acquired Hamburg, Ark.-based Farmers Bank. Southern Bancorp Inc. will enter Ashley County, Ark., with one branch to be ranked fourth with a 13.25% share of approximately $282.04 million in total market deposits.
|
|
Deal Pricing Ratios |
| Price / Book (%) |
99.62 |
100.83 |
| Price / Tangible Book (%) |
99.62 |
100.83 |
| Price / LTM EPS (x) |
NM |
NM |
| Price / Deposits (%) |
11.97 |
11.79 |
| Price / Assets (%) |
10.66 |
10.54 |
| Tang Book Premium / Core Deposits (%) |
(0.06) |
0.12 |
|
|
Deal Terms
|
Description
of Consideration
Southern Bancorp Inc. paid $4.5 million in cash and stock to acquire Farmers Bank.
|
| Accounting Method |
NA |
|
Lockup Agreement |
No |
| In-State Transaction? |
Yes |
|
Strike Price ($) |
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 ($000) |
NA |
|
| |
|
|
|
|
| Cash ($M) |
|
NA |
| Common Stock ($M) |
|
NA |
| Common Shares Issued |
|
NA |
| Preferred Stock ($M) |
|
0 |
| Preferred Shares Issued |
|
0 |
| Debt ($M) |
|
0 |
| Other ($M) |
|
4.5 |
|
Deal Advisers
| Financial Advisers |
| Buyer |
Yes |
DD&F Consulting Group |
| |
| Seller |
NA |
NA |
| Legal
Counsel |
| Buyer |
NA |
NA |
| |
| Seller |
NA |
NA |
|
