Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  National Bank Holdings Corporation (Click for buyer financial information)
Target:  Peoples, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 6/23/17   Announced Deal Value ($M) 143.5
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 1/1/18      
 
Deal Summary
Greenwood Village, Colo.-based National Bank Holdings Corp. unit NBH Bank has acquired Lawrence, Kan.-based Peoples Inc. Ratios at completion are based on Peoples Inc.'s June 30, 2017 small parent equity and LTM net income of $88,058,000 and $18,160,000 respectively. National Bank Holdings Corp. will expand in Kansas by eight branches to be ranked No. 15 with a 1.13% share of approximately $70 billion in total market deposits, will expand in Colorado by six branches to be ranked No. 14 with a 1.41% share of approximately $125 billion in total market deposits and will enter in New Mexico by six branches to be ranked No. 28 with a 0.57% share of approximately $31 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 172.88 166.27
Price / Tangible Book (%) 172.88 153.61
Price / LTM EPS (x) 7.23 8.06
Price / Deposits (%) 19.89 19.88
Price / Assets (%) 16.56 16.20
Tang Book Premium / Core Deposits (%) 8.49 8.01


Deal Terms

Description of Consideration
National Bank Holdings Corp. paid approximately $36.2 million in cash and issued 3,398,477 shares of its common stock to acquire Peoples Inc. Target combined financials are for Peoples National Bank and Peoples Bank. An escrow account will be established at closing with an expected amount of $10 million. The escrow account will remain in place for three years and will be used to cover certain losses indemnified by Peoples stockholders.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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 (%) 12.00   Est. Restructuring Charges ($000) 20,000
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   36.2
Common Stock ($M)   110.2
Common Shares Issued   3,398,477
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 Keefe Bruyette & Woods Inc.
 
Seller Yes Capital Corporation LLC
DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
 
Seller Yes Lathrop Gage LLP

© Copyright 2019, SNL Financial LC

Terms of Use