Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Alliance Bancorporation, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
10/8/2003
Announcement Date:
10/8/2003
Announced Deal Value ($ M):
25.47
Status:
Completed
Completion Date:
3/19/2004
Announced Deal Value Per Share ($ )
846.11

Consideration Breakout
Cash ($M) 11.4
Common Stock ($M) 14.3
Common Stock Issued 545,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 246.5 229.4
Price / Tangible Book (%) 246.5 229.4
Price / Earnings (x) 21.3 18.0
Price / Deposits (%) 24.41 23.72
Price / Assets (%) 18.39 18.96
Tangible Book Premium/ Deposits (%) 16.41 14.94
Deal Terms
Description of Consideration

Simmons First paid $11,440,000 in cash and issued 545,000 shares to acquire Alliance Bancorp. Seller's financials are for Alliance Bank of Hot Springs.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 14,690
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 18.10
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,245
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Quattlebaum Grooms Tull
Seller Yes McAfee & Taft