Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Bank
Target:
Metropolitan National Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
9/12/2013
Announcement Date:
9/12/2013
Announced Deal Value ($ M):
53.60
Status:
Completed
Completion Date:
11/25/2013
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 53.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 86.2 88.4
Price / Tangible Book (%) 86.8 88.9
Price / Earnings (x) 36.6 12.5
Price / Deposits (%) 6.21 6.30
Price / Assets (%) 5.41 5.51
Tangible Book Premium/ Deposits (%) (1.17) (0.99)
Deal Terms
Description of Consideration

Simmons First National Corp. paid $53.6 million in cash to acquire all of the outstanding shares of Metropolitan National Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 17,924
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 15,000
Est. Restructuring Charges ($ 000) 8,800
Maximum Termination Fee ($ 000) NA
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 Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 9,844
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sterne Agee & Leach Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Quattlebaum Grooms Tull
Seller Yes Fenimore Kay Harrison & Ford