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mergers & acquisitions

M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: Circle Bancorp
Deal Type: Bank & Thrift Company
Agreement Date8/29/2012
Announcement Date8/30/2012
Announced Deal Value ($M)21.07
StatusCompleted
Completion Date11/14/2012
Announced Deal Value Per Share ($)17.75
Consideration Breakout
Cash ($M)24.2
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)158.6158.6
Price / Tangible Book (%)158.6158.6
Price / Earnings (x)9.89.8
Price / Deposits (%)8.678.67
Price / Assets (%)6.546.54
Tangible Book Premium/ Deposits (%)4.514.51
Deal Terms
Description of Consideration
Umpqua Holdings Corp. paid $17.75 per share in cash to acquire each outstanding share of Circle Bancorp. Umpqua Holdings Corp. also paid $3.8 million to redeem preferred stock of Circle Bancorp. Target financials are for Circle Bank. Price to Book ratios and Franchise premium is based on target's common equity of $13,290,000.
Accounting MethodAcquisition
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)11,913
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)1,625
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)830
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerNANA
SellerYesKeefe Bruyette & Woods Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesLane Powell PC
SellerYesHorgan Rosen Beckham & Coren

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