Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  First Security Bancorp (Click for buyer financial information)
Target:  First Community Bank (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 7/31/96   Announced Deal Value ($M) 13.3
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 1/31/97      
 
Deal Summary
First Community Bank has 54,000 shares outstanding; 27,000 shares will receive cash equivalent to 1.8 times First Community's book value as of 12/31/96, which equaled $8.788 million; the remaining 27,000 shares will receive First Security common stock which can be repurchased for 1.25 times its book value. The estimated book value per share of First Security common stock is $2,400, representing a value of $3,000 per First Community share. Approximately 1,800 First Security shares will be issued to First Community shareholders.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 171.99 151.34
Price / Tangible Book (%) 171.99 151.34
Price / LTM EPS (x) 15.80 11.82
Price / Deposits (%) 18.55 16.49
Price / Assets (%) 15.93 14.40
Tang Book Premium / Core Deposits (%) 10.48 7.97


Deal Terms

Description of Consideration
First Community shareholders received approximately $7.9 million in cash and $5.4 million worth of First Security common stock for all outstanding shares.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) 4,901   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) NA  
Exchange Ratio
(Common For Common)
0.0667  
         
Consideration Breakout
Cash ($M)   7.9
Common Stock ($M)   5.4
Common Shares Issued   1,800
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 No NA
 
Seller Yes DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer NA NA
 
Seller NA NA

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