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Mergers & Acquisitions

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Deal Overview

Buyer:
SB One Bancorp
Actual Acquirer:
SB One Bank
Target:
Enterprise Bank N.J.
Deal Type:
Bank & Thrift Company
Agreement Date:
6/19/2018
Announcement Date:
6/20/2018
Announced Deal Value ($ M):
49.77
Status:
Completed
Completion Date:
12/21/2018
Announced Deal Value Per Share ($ )
13.77

Consideration Breakout
Common Stock ($M) 32.8
Common Stock Issued 1,573,454

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 148.3 100.7
Price / Tangible Book (%) 148.3 100.7
Price / Earnings (x) 24.4 14.8
Price / Deposits (%) 26.60 18.31
Price / Assets (%) 20.42 12.71
Tangible Book Premium/ Deposits (%) 16.77 2.12
Deal Terms
Description of Consideration

SB One Bancorp. exchanged 0.4538 shares of its common stock for each of the outstanding share of Enterprise Bank N.J.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 2,204
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 1,503
Est. Restructuring Charges ($ 000) 4,300
Maximum Termination Fee ($ 000) 1,916
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.453800
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) 1,039
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes FinPro Capital Advisors Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hogan Lovells US LLP
Seller Yes Windels Marx Lane & Mittendorf