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mergers & acquisitions

M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: North Bay Bancorp
Deal Type: Bank & Thrift Company
Agreement Date1/17/2007
Announcement Date1/17/2007
Announced Deal Value ($M)156.21
StatusCompleted
Completion Date4/26/2007
Announced Deal Value Per Share ($)35.13
Consideration Breakout
Common Stock ($M)139.1
Common Stock Issued5,163,573
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)261.4225.7
Price / Tangible Book (%)264.6225.7
Price / Earnings (x)21.319.0
Price / Deposits (%)33.0629.24
Price / Assets (%)24.0721.24
Tangible Book Premium/ Deposits (%)24.3119.45
Deal Terms
Description of Consideration
Umpqua Holdings Corp. exchanged 1.228 shares of its common stock for each share of North Bay Bancorp common stock. The initial exchange ratio of 1.217 was subject to adjustment based on Umpqua's trading price.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)78,794
Estimated Cost Savings (%)36.00
Estimated Cost Savings ($000)8,171
Est. Restructuring Charges ($000)2,726
Maximum Termination Fee ($000)5,000
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.228000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)14,210
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNA0.04NANA
2AccretiveNANANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesMilestone Advisors LLC
SellerYesHowe Barnes Hoefer & Arnett

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesFoster Pepper PLLC
SellerYesNixon Peabody LLP

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