Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Liberty Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/27/2014
Announcement Date:
5/28/2014
Announced Deal Value ($ M):
211.24
Status:
Completed
Completion Date:
2/27/2015
Announced Deal Value Per Share ($ )
40.62

Consideration Breakout
Common Stock ($M) 211.0
Common Stock Issued 5,181,337

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 208.2 191.3
Price / Tangible Book (%) 216.6 198.0
Price / Earnings (x) 13.4 12.1
Price / Deposits (%) 23.87 23.81
Price / Assets (%) 19.89 19.73
Tangible Book Premium/ Deposits (%) 13.91 12.64
Deal Terms
Description of Consideration

Simmons First National Corp. exchanged one share of its common stock for each outstanding share of Liberty Bancshares Inc. In addition, Simmons First National Corp. also assumed $20.6 million of subordinated debt that Liberty Bancshares Inc. issued in connection with its prior issuance of trust preferred securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 95,207
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 9,722
Est. Restructuring Charges ($ 000) 10,462
Maximum Termination Fee ($ 000) 8,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.00
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) 14,556
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 Stinson Leonard Street LLP