Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Delta Trust & Banking Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
3/24/2014
Announcement Date:
3/24/2014
Announced Deal Value ($ M):
66.49
Status:
Completed
Completion Date:
8/31/2014
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 2.4
Common Stock ($M) 65.1
Common Stock Issued 1,629,515

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 160.8 153.2
Price / Tangible Book (%) 164.7 156.6
Price / Earnings (x) 15.6 14.9
Price / Deposits (%) 17.65 18.48
Price / Assets (%) 15.41 15.98
Tangible Book Premium/ Deposits (%) 9.11 8.86
Deal Terms
Description of Consideration

Simmons First National Corp. paid $2.4 million in cash and issued 1,629,515 shares of its common stock to acquire each share of Delta Trust & Banking Corp., (DTBC) . Target financials are for Delta Trust & Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 34,162
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 5,400
Est. Restructuring Charges ($ 000) 4,000
Maximum Termination Fee ($ 000) 3,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 15.14
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) 4,318
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sterne Agee & Leach Inc.
Seller Yes Commerce Street Capital LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Quattlebaum Grooms Tull
Seller Yes Mitchell Williams Selig Gates