Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Simmons First National Corporation (Click for buyer financial information)
Target:  NBC Bank Corp. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 3/22/99   Announced Deal Value ($M) 26.3
Status Completed   Announced Deal Value Per Share ($) 139.49
Completion Date 7/9/99      
 
Deal Summary
Simmons First National, Arkansas' sixth largest depository institution, will extend its franchise south, acquiring NBC Bank Corp. of Union County. The deal combines institutions with a similar culture and community banking philosophy. NBC's $120 million in deposits fills a geographic gap for Simmons' community bank network. New products and technology will be available to NBC's customers, as well as a more liquid stock for shareholders, according to John Dews, President & CEO of NBC.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 191.91 194.34
Price / Tangible Book (%) 191.91 194.34
Price / LTM EPS (x) 16.45 16.93
Price / Deposits (%) 21.75 21.01
Price / Assets (%) 18.43 17.85
Tang Book Premium / Core Deposits (%) 12.69 12.31


Deal Terms

Description of Consideration
Simmons First exchanged 4.16382 shares for each NBC share outstanding. Seller's financials are for National Bank of Commerce.
Accounting Method Pooling   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) 0   Core Deposit Intangibles ($000) 0
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) 990
Termination Fee ($000) 0  
Exchange Ratio
(Common For Common)
4.1638  
         
Consideration Breakout
Cash ($M)   0
Common Stock ($M)   26.6
Common Shares Issued   785,000
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 Burke Capital Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Williams & Anderson
 
Seller Yes Compton Prewett Thomas&Hickey

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