| Deal Overview |
| Buyer:
Simmons First National Corporation (Click for buyer financial information)
|
| Target:
Lincoln Bankshares Inc. (Click for target financial information) |
| Deal Type:
Bank & Thrift Company |
| Announcement Date |
8/25/98 |
|
Announced Deal Value ($M) |
12.0 |
| Status |
Completed |
|
Announced Deal Value Per Share ($) |
1,208.97
|
| Completion Date |
1/19/99 |
|
|
|
| |
| Simmons First National announced its second deal of 1998 with an agreement to acquire Lincoln Bankshares. Bank of Lincoln, a unit of Liberty Bankshares, operates two branches in Lincoln and Prairie Grove, AR. Upon completion, Bank of Lincoln will be merged into Simmons First Bank of Northwest Arkansas. The deal will strengthen Simmons First's position in Washington County, where the company currently ranks No. 9. On a pro forma basis, Simmons First will hold 5.32% deposit market share in this county, good for fifth place. Pricing ratios adjusted for $4,864,000 equity at the holding company level.
|
|
Deal Pricing Ratios |
| Price / Book (%) |
220.71 |
248.76 |
| Price / Tangible Book (%) |
220.71 |
248.76 |
| Price / LTM EPS (x) |
13.59 |
14.30 |
| Price / Deposits (%) |
18.16 |
17.98 |
| Price / Assets (%) |
16.39 |
16.20 |
| Tang Book Premium / Core Deposits (%) |
12.40 |
13.64 |
|
|
Deal Terms
|
Description
of Consideration
Simmons First exchanged 30.41445 shares for each Lincoln share held. Seller's financials are for Bank of Lincoln.
|
| Accounting Method |
Pooling |
|
Lockup Agreement |
No |
| In-State Transaction? |
Yes |
|
Strike Price ($) |
NA |
| Merger
of Equals? |
No |
|
% of Shares Outstanding |
NA |
| Geographic
Expansion? |
In Market |
|
Shares Under Option |
NA |
| Goodwill Generated ($000) |
0 |
|
Core Deposit Intangibles ($000) |
0 |
| Estimated
Cost Savings (%) |
NA |
|
Est. Restructuring Charges ($000) |
675 |
| Termination Fee ($000) |
0 |
|
Exchange Ratio
(Common For Common) |
30.4145 |
|
| |
|
|
|
|
| Cash ($M) |
|
0 |
| Common Stock ($M) |
|
12.1 |
| Common Shares Issued |
|
301,833 |
| Preferred Stock ($M) |
|
0 |
| Preferred Shares Issued |
|
0 |
| Debt ($M) |
|
0 |
| Other ($M) |
|
0 |
|
Deal Advisers
| Financial Advisers |
| Buyer |
Yes |
DD&F Consulting Group |
| |
| Seller |
Yes |
Stephens Inc. |
| Legal
Counsel |
| Buyer |
Yes |
Williams & Anderson |
| |
| Seller |
Yes |
Horne Hollingsworth & Parker |
|
|
