Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
First Banks of Arkansas - Russellville, Searcy
Deal Type:
Bank & Thrift Company
Agreement Date:
3/24/1997
Announcement Date:
3/24/1997
Announced Deal Value ($ M):
53.00
Status:
Completed
Completion Date:
8/1/1997
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 53.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 195.1 203.7
Price / Tangible Book (%) 210.6 220.4
Price / Earnings (x) 13.7 16.6
Price / Deposits (%) 17.78 17.05
Price / Assets (%) 15.43 14.87
Tangible Book Premium/ Deposits (%) 12.25 12.37
Deal Terms
Description of Consideration

Simmons paid $53M in cash for First Bank of AR, Searcy and First Bank of AR, Russellville. Both First Banks were owned by Southwest Bancshares, which was acquired by First Commercial Corp.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stephens Inc.
Seller Yes Deutsche Bank Securities Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Ramsay Bridgforth Harrelson
Seller Yes Friday Eldredge & Clark