Mergers and Acquisitions
Transaction Details
Deal Overview
Buyer:  Arvest Bank Group, Inc. (Click for buyer financial information)
Target:  Ameribank Corporation (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 6/25/98   Announced Deal Value ($M) 37.9
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 9/1/98      
Deal Summary
Together, the Ameribank subsidiaries hold 18.11% of Pottawatomi County, and 0.95% of Oklahoma County, good for 2nd, and 20th respectively. In Oklahoma County, the combination will boost Arvest from 25th to 15th place in deposit market share. The purchase price will be reduced by the amount of any dividends or distributions paid by United or Ameribank, and by any unpaid Ameribank indebtedness in excess of Ameribank cash upon closing. Ameribank owns 51% of the 1,000,000 United Oklahoma shares; the remaining 49% is owned by two other parties who have agreed to sell.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) NA NA
Price / Tangible Book (%) NA NA
Price / LTM EPS (x) NA NA
Price / Deposits (%) NA NA
Price / Assets (%) NA NA
Tang Book Premium / Core Deposits (%) NA NA

Deal Terms

Description of Consideration
Arvest paid approximately $37,900,000 in cash for all outstanding shares of Ameribank, and for the 49% of United Oklahoma that Ameribank does not own.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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) NA
Termination Fee ($000) 0  
Consideration Breakout
Cash ($M)   37.9
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 Yes Swords Associates Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hilburn Calhoon Harper Prunisk
Seller Yes McKinney Stringer & Webster

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