Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  First Bank Corp (Click for buyer financial information)
Target:  Sebastian Bankshares, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 9/21/98   Announced Deal Value ($M) 13.0
Status Completed   Announced Deal Value Per Share ($) 147.09
Completion Date 12/4/98      
 
Deal Summary
In its first bank deal since 1994, First Bank enhances its already dominant market share in Sebastian and Crawford counties, Arkansas. In Sebastian County after the completion of this deal, there will be seven banks remaining, with First Bank holding a formidable 32% of deposit market share; their next largest competitor is First United Bancshares with 21%. In Crawford County, First Bank will again hold the top spot out of six banks, holding 35% of the counties deposits. Mercantile Bancorp follows closely behind with 28%. Ratios reflect BHC equity of $6.651 million.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 195.46 165.39
Price / Tangible Book (%) 195.46 165.39
Price / LTM EPS (x) 19.64 17.16
Price / Deposits (%) 19.90 17.93
Price / Assets (%) 17.48 15.24
Tang Book Premium / Core Deposits (%) 12.83 8.99


Deal Terms

Description of Consideration
First Bank Corporation paid $11 million in cash for all the outstanding shares of Sebastian Bankshares. Seller's financials are for River Valley Bank & Trust.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? In Market   Shares Under Option NA
Goodwill Generated ($000) 6,349   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   11.0
Common Stock ($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 NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Friday Eldredge & Clark
 
Seller NA NA

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