Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Community First Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/6/2014
Announcement Date:
5/6/2014
Announced Deal Value ($ M):
243.37
Status:
Completed
Completion Date:
2/27/2015
Announced Deal Value Per Share ($ )
657.55

Consideration Breakout
Common Stock ($M) 271.5
Common Stock Issued 6,552,915

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 175.8 166.7
Price / Tangible Book (%) 180.0 169.9
Price / Earnings (x) 11.9 12.2
Price / Deposits (%) 15.31 18.13
Price / Assets (%) 12.56 14.04
Tangible Book Premium/ Deposits (%) 10.08 10.90
Deal Terms
Description of Consideration

Simmons First National Corp. exchanged 17.8975 shares of its common stock for each of the outstanding share of Community First Bancshares Inc. In addition, Simmons First National Corp. also assumed approximately $21.8 million of subordinated debentures that Community First Bancshares Inc., issued in connection with its prior issuance of trust preferred securities. Simmons First National Corp. exchanged its Senior Non-Cumulative Perpetual Preferred Stock Series A for the outstanding shares of Community First Bancshares Inc. Series C Preferred Stock on a one for one basis. Simmons First National Corp. also assumed trust preferred securities issued by CFS Trust I, CFS Trust II and CFS Trust III.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 110,860
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) 12,000
Est. Restructuring Charges ($ 000) 12,308
Maximum Termination Fee ($ 000) 10,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 17.897500
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) 11,273
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 Baker Donelson Bearman