Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Citizens National Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
5/18/2016
Announcement Date:
5/18/2016
Announced Deal Value ($ M):
77.04
Status:
Completed
Completion Date:
9/9/2016
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 40.3
Common Stock ($M) 41.7
Common Stock Issued 835,741

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 127.3 130.2
Price / Tangible Book (%) 127.3 130.2
Price / Earnings (x) 16.2 18.0
Price / Deposits (%) 16.29 17.31
Price / Assets (%) 14.02 14.81
Tangible Book Premium/ Deposits (%) 4.33 5.01
Deal Terms
Description of Consideration

Simmons First National Corp. paid approximately $40.35 million in cash and exchanged 835,741 of its common stock to acquire all of the outstanding shares of Citizens National Bank from Citizens National Bancorp Inc. Citizens National Bank also paid a special dividend of $3,000,000 to Citizens National Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 23,967
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 3,627
Est. Restructuring Charges ($ 000) 7,077
Maximum Termination Fee ($ 000) 3,000
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) 5,075
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes SunTrust Robinson Humphrey Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Covington & Burling LLP
Seller Yes Baker Donelson Bearman