Return to Mergers & Acquisitions

Deal Overview

Buyer:
Exchange National Bancshares, Inc.
Actual Acquirer:
Exchange National Bancshares, Inc.
Target:
Union State Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/1/1997
Announcement Date:
8/1/1997
Announced Deal Value ($ M):
21.00
Status:
Completed
Completion Date:
11/3/1997
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Unclassified ($M) 21.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 225.5 206.4
Price / Tangible Book (%) 228.1 208.4
Price / Earnings (x) 14.0 11.2
Price / Deposits (%) 17.75 17.72
Price / Assets (%) 15.92 15.81
Tangible Book Premium/ Deposits (%) 11.32 10.42
Deal Terms
Description of Consideration

Exchange National acquired all of the outstanding shares of Union State for approximately $21.0 million in cash and notes. Seller's financials are for Union State Bank and Trust of Clinton.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 8,800
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 NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 2,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stinson LLP
Seller Yes Lewis Rice