M&A Activity During the Week Ending January 12, 2014
Transactions Announced this Week
Whole Institution Transactions
01/06/2014
01/07/2014
01/09/2014
01/09/2014
01/10/2014
Community Choice, IA
Old National Bancorp, IN
BancorpSouth, Inc., MS
Southern National Bancorp of VA, VA
Hilltop Holdings Inc., TX
Acquiring
Acquiring
Acquiring
Acquiring
Acquiring
Ace Community, IA
United Bancorp, Inc., MI
Ouachita Bancshares Corp., LA
Prince George's FSB, MD
SWS Group, Inc, TX
Branch Transactions
01/06/2014
01/09/2014
01/10/2014
U.S. Bancorp, MN
Piedmont Advantage Credit Union, NC
Merchants Bancorp, Inc., OH
Acquiring Branches from UK Financial Investments Limited, FF
Acquiring Branches from Clearview, PA
Acquiring Branches from DCB Financial Corp, OH
Other Asset Transactions
01/07/2014
01/10/2014
Tristate Capital Holdings, PA
Andbank, FF
Acquiring from Chartwell Investment Partners, PA
Acquiring from Swiss Asset Advisors, LLC, FL
FDIC Transactions
No FDIC Transactions Announced This Week
Median Price to Equity
Whole Institution Transactions
16.31
16.31
20.23
18.76
16.58
15.61
19.37
10.00
.50
10.29
15.00
14.63
20.00
16.81
1.47
1.20
1.19
25.00
10.29
1.00
1.01
1.50
1.03
2.00
1.91
1.91
30.00
22.36
2.50
Median Price to LTM Net Income
Whole Institution Transactions
5.00
N/A
.00
N/A
.00
1Q
2013
2Q
2013
Bank
3Q
2013
4Q
2013
1Q
2014
S&L
Current
Week
1Q
2013
Bank
2Q
2013
3Q
2013
4Q
2013
1Q
2014
Current
Week
Bank Excld LTM Net Income < 0
Bank Insight MergerWatch is a registered Trademark used herein under license.
The information herein has been obtained from sources believed to be accurate and reliable but because of the possibility of human and mechanical error, its
accuracy or completeness is not guaranteed. The reproduction in whole or part, of any portion of this publication is prohibited without prior written permission.
Copyright 2014 Thomson Reuters, 807 Las Cimas Parkway, Suite 250, Austin, TX 78746.
Please Contact Patrick Breland for errors in transmissions or general questions at (877) 305-6657, or email at BankInsightMergers@thomsonreuters.com.
Announcements for the week of January 12, 2014
Thomson Reuters Bank Insight MergerWatch ALERT
Announced Whole Institution Transactions
Old National Bancorp, IN aquiring United Bancorp, Inc., MI
Transaction Summary
Announcement Date:
Purchase Price per Share:
Exchange Ratio:
Floating Exchange Ratio:
Cost Savings: N/A
01/07/2014
13.17
0.7000
No
Reported Purch Price ($000):
Calc Purchase Price ($000):
Shares Used in Price Calc:
Consideration Type:
173,100
174,503
12,718,080
Cash, Common stock
Premium
1 Day Prior Annc (%):
5 Days Prior Annc (%):
2 Weeks Prior Annc (%):
75.60
84.20
84.20
3 Months Prior Annc (%):
1 Year Prior Annc (%):
Aggregate
Price to Equity (x):
Price/LTM Net Inc (x):
Price to Next Yr Earn Est (x):
Price to Deposits (%):
1.91
22.33
N/A
21.48
Price/Tangible Equity (x):
Price/Tangible Equity Inc MSR (x):
Price to Asset (%):
Premium to Core Deposits (%):
90.87
192.67
2.08
1.91
18.84
12.62
Per Share
Price to Book (%):
1.85
Price/Tangible Book (%):
2.01
Price/LTM EPS (%):
21.61
Price/LTM Core Earnings (%):
25.64
Price/Estimated EPS (%):
N/A
Summary
Old National Bancorp (NASDAQ: ONB) has agreed to acquire United Bancorp (OTC: UBMI) for approximately $173.1 million in cash & stock. Under the terms of the
deal, United Bancorp common shareholders will receive $2.66 in cash and 0.7 shares of Old National stock for each share of United Bancorp common stock. United
Bancorp is the holding company for United Bank & Trust. United Bank & Trust of Ann Arbor, MI reported total assets of approximately $918 million and total deposits
of approximately $812 million as of September 30, 2013. The deal gives Old National an increased presence in Lenawee County, MI and marks its entrance into
Monroe and Washtenaw Counties, MI. The transaction is subject to regulatory and shareholder approval and is expected to be completed in the 2nd Quarter of 2014.
Company Information
Old National Bancorp
Institution Type:
Financial Data as of:
Total Assets ($000)
Total Deposits ($000):
Total Equity ($000):
Total Equity/Assets (%):
NPA/Total Assets (%):
YTD Net Income ($000):
YTD Annualized ROA ($000):
YTD Annualized ROE ($000):
United Bancorp, Inc.
Holding Co
Holding Co
09/30/2013
06/30/2013
12/31/2012
09/30/2013
06/30/2013
12/31/2012
9,652,079
7,208,407
1,159,256
12.01
1.99
76,371
1.06
8.63
9,641,071
6,840,093
1,166,978
12.10
2.39
52,423
1.09
8.81
9,543,623
7,278,953
1,194,565
12.52
3.17
91,675
1.04
8.34
918,832
805,740
90,637
9.86
2.83
6,305
0.93
8.55
907,330
792,119
98,402
10.85
3.06
4,029
0.89
8.19
907,741
784,643
97,397
10.73
3.96
4,463
0.50
4.69
Stock Prices
Old National Bancorp
Stock Price:
Daily Volume:
Deal Price/Stock Price (%):
Stock Price/Book (%):
Stock Price/LTM EPS (%):
United Bancorp, Inc.
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
$14.610
1,291,632
$15.020
360,271
$15.590
249,001
---
131.09
15.29
---
$12.380
877,006
106.38
---
$7.500
1,000
175.60
105.22
12.30
$7.150
2,621
184.20
---
Copyright 2014, Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcements for the week of January 12, 2014
Announced Whole Institution Transactions
BancorpSouth, Inc., MS aquiring Ouachita Bancshares Corp., LA
Transaction Summary
Announcement Date:
Purchase Price per Share:
Exchange Ratio:
Floating Exchange Ratio:
Cost Savings: N/A
Premium
1 Day Prior Annc (%):
5 Days Prior Annc (%):
2 Weeks Prior Annc (%):
Aggregate
Price to Equity (x):
Price/LTM Net Inc (x):
Price to Next Yr Earn Est (x):
Price to Deposits (%):
01/09/2014
N/A
N/A
No
Reported Purch Price ($000):
Calc Purchase Price ($000):
Shares Used in Price Calc:
Consideration Type:
N/A
N/A
N/A
2.20
10.29
N/A
20.18
112,000
N/A
N/A
Cash, Common stock
3 Months Prior Annc (%):
1 Year Prior Annc (%):
N/A
N/A
Price/Tangible Equity (x):
Price/Tangible Equity Inc MSR (x):
Price to Asset (%):
Premium to Core Deposits (%):
2.20
2.20
16.86
12.75
Per Share
Price to Book (%):
Price/Tangible Book (%):
N/A
N/A
Price/LTM EPS (%):
Price/LTM Core Earnings (%):
N/A
N/A
Price/Estimated EPS (%):
N/A
Summary
BancorpSouth (NYSE: BXS) has agreed to acquire Ouachita Bancshares for approximately $112 million in cash and stock. Under the terms of the deal,
BancorpSouth will issue a maximum of 3,675,000 shares of the Company’s common stock plus $22.875 million in cash for all outstanding shares of Ouachita
Bancshares. The terms of the
agreement provide for a collar with respect to the total deal value ranging from $99 million to $112 million. If necessary, the share count will be adjusted downward or
the cash consideration adjusted upward to accommodate the respective boundaries of the collar. Ouachita Bancshares is the holding company for Ouachita
Independent Bank. Ouachita Independent Bank of Monroe, LA reported total assets of approximately $664 million and total deposits of approximately $556 million as
of September 30, 2013. The deal gives BancorpSouth an increased presence in Ouachita and Caddo Parishes, LA and marks its entrance into Bossier and
Morehouse Parishes, LA. The transaction is subject to regulatory and shareholder approval and is expected to be completed in the 2nd Quarter of 2014.
Company Information
BancorpSouth, Inc.
Institution Type:
Ouachita Bancshares Corp.
Holding Co
Holding Co
Financial Data as of:
09/30/2013
06/30/2013
12/31/2012
09/30/2013
06/30/2013
12/31/2012
Total Assets ($000)
Total Deposits ($000):
Total Equity ($000):
Total Equity/Assets (%):
NPA/Total Assets (%):
YTD Net Income ($000):
YTD Annualized ROA ($000):
YTD Annualized ROE ($000):
12,916,153
10,717,946
1,480,611
11.46
1.71
66,417
0.68
6.03
13,217,705
10,961,618
1,459,793
11.04
1.94
41,560
0.63
5.66
13,397,198
11,088,146
1,449,052
10.82
2.51
84,295
0.65
5.96
664,161
555,140
50,975
7.68
0.59
8,120
1.70
21.37
627,981
532,069
48,731
7.76
0.60
5,249
1.68
20.76
622,232
511,425
51,294
8.24
0.37
10,036
1.64
23.26
Stock Prices
BancorpSouth, Inc.
Stock Price:
Daily Volume:
Deal Price/Stock Price (%):
Stock Price/Book (%):
Stock Price/LTM EPS (%):
Ouachita Bancshares Corp.
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
$24.940
800,793
$24.770
979,660
$25.220
635,008
---
158.18
28.08
---
N/A
N/A
N/A
---
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
---
Copyright 2014, Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcements for the week of January 12, 2014
Announced Whole Institution Transactions
Southern National Bancorp of VA, VA aquiring Prince George's FSB, MD
Transaction Summary
Announcement Date:
Purchase Price per Share:
Exchange Ratio:
Floating Exchange Ratio:
Cost Savings: N/A
01/09/2014
12.75
1.2678
No
Reported Purch Price ($000):
Calc Purchase Price ($000):
Shares Used in Price Calc:
Consideration Type:
11,500
N/A
N/A
Cash, Common stock
Premium
1 Day Prior Annc (%):
5 Days Prior Annc (%):
2 Weeks Prior Annc (%):
33.51
33.51
33.51
3 Months Prior Annc (%):
1 Year Prior Annc (%):
33.51
27.50
Aggregate
Price to Equity (x):
Price/LTM Net Inc (x):
Price to Next Yr Earn Est (x):
Price to Deposits (%):
0.89
31.51
N/A
12.63
Price/Tangible Equity (x):
Price/Tangible Equity Inc MSR (x):
Price to Asset (%):
Premium to Core Deposits (%):
0.89
N/A
11.05
-1.87
Per Share
Price to Book (%):
Price/Tangible Book (%):
N/A
N/A
Price/LTM EPS (%):
Price/LTM Core Earnings (%):
N/A
N/A
Price/Estimated EPS (%):
N/A
Summary
Southern National Bancorp of Virginia (NASDAQ: SONA) has agreed to acquire Prince George's Federal Savings Bank (OTC: PCGO) for approximately $11.5 million
in cash & stock. 50% of the consideration will be paid in cash and 50% will be in newly-issued shares of Southern National common stock. The exchange ratio for the
stock component of the transaction will be determined by dividing $12.75 by Southern National's weighted average stock price during a twenty trading day period
ending five business days before the closing of the transaction. Prince George's Federal Savings Bank of Upper Marlboro, MD reported total assets of approximately
$104 million and total deposits of approximately $91 million as of September 30, 2013. The deal marks Southern National Bancorp of Virginia's entrance into Prince
George's and Calvert Counties, MD. The transaction is subject to regulatory and shareholder approval and is expected to be completed in the 2nd Quarter of 2014.
Company Information
Southern National Bancorp of VA
Holding Co
Institution Type:
Financial Data as of:
Total Assets ($000)
Total Deposits ($000):
Total Equity ($000):
Total Equity/Assets (%):
NPA/Total Assets (%):
YTD Net Income ($000):
YTD Annualized ROA ($000):
YTD Annualized ROE ($000):
Prince George's FSB
Savings Bank
09/30/2013
06/30/2013
12/31/2012
09/30/2013
06/30/2013
12/31/2012
707,898
545,954
105,972
14.97
3.22
4,862
0.92
6.19
706,724
545,638
104,936
14.85
3.27
3,081
0.87
5.91
723,812
550,977
103,176
14.25
4.05
6,569
0.97
6.40
104,108
91,086
12,904
12.39
4.81
383
0.48
4.01
108,662
95,791
12,787
11.77
3.86
266
0.50
4.20
103,356
90,747
12,518
12.11
4.73
652
0.63
5.17
Stock Prices
Prince George's FSB
Southern National Bancorp of VA
Stock Price:
Daily Volume:
Deal Price/Stock Price (%):
Stock Price/Book (%):
Stock Price/LTM EPS (%):
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
$10.020
2,717
$10.060
1,719
$10.200
209
---
110.03
18.92
---
$12.000
0
106.25
---
$9.550
0
133.51
N/A
N/A
$9.550
0
133.51
---
Copyright 2014, Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcements for the week of January 12, 2014
Announced Whole Institution Transactions
Hilltop Holdings Inc., TX aquiring SWS Group, Inc, TX
Transaction Summary
Announcement Date:
Purchase Price per Share:
Exchange Ratio:
Floating Exchange Ratio:
Cost Savings: N/A
Premium
1 Day Prior Annc (%):
5 Days Prior Annc (%):
2 Weeks Prior Annc (%):
Aggregate
Price to Equity (x):
Price/LTM Net Inc (x):
Price to Next Yr Earn Est (x):
Price to Deposits (%):
01/10/2014
7.00
N/A
No
Reported Purch Price ($000):
Calc Purchase Price ($000):
Shares Used in Price Calc:
Consideration Type:
N/A
N/A
N/A
0.70
-8.05
N/A
22.37
N/A
221,222
N/A
Cash, Common stock
3 Months Prior Annc (%):
1 Year Prior Annc (%):
N/A
N/A
Price/Tangible Equity (x):
Price/Tangible Equity Inc MSR (x):
Price to Asset (%):
Premium to Core Deposits (%):
0.72
0.72
5.06
-8.74
Per Share
Price to Book (%):
Price/Tangible Book (%):
0.73
0.75
Price/LTM EPS (%):
Price/LTM Core Earnings (%):
-8.32
N/A
Price/Estimated EPS (%):
N/A
Summary
Hilltop Holdings (NYSE: HTH) has submitted a written unsolicited acquisition proposal to acquire the outstanding shares of SWS Group that it does not already own
(approximately 76% of the outstanding shares). Under the terms of the deal, Hilltop will pay $7 per share, with the consideration consisting of 50% cash and 50%
common shares of Hilltop Holdings. SWS Group is a holding company offering securities clearing services, institutional and personal investment advising and
commercial banking. SWS Group is the holding company for Southwest Securities, Federal Savings Bank. SWS Group of Dallas, TX reported total assets of
approximately $4.37 billion and total deposit of approximately $988 million as of September 30, 2013. The proposal is subject to regulatory, shareholder and SWS
Group board of director approval.
Company Information
Hilltop Holdings Inc.
Holding Co
Institution Type:
Financial Data as of:
Total Assets ($000)
Total Deposits ($000):
Total Equity ($000):
Total Equity/Assets (%):
NPA/Total Assets (%):
YTD Net Income ($000):
YTD Annualized ROA ($000):
YTD Annualized ROE ($000):
SWS Group, Inc
Holding Co
09/30/2013
06/30/2013
12/31/2012
09/30/2013
06/30/2013
12/31/2012
9,093,592
6,936,162
1,206,353
13.27
1.66
89,336
1.65
10.14
7,402,803
4,496,469
1,171,800
15.83
0.45
55,165
1.55
9.41
7,286,865
4,700,461
1,146,550
15.73
0.18
-5,592
-0.09
-0.75
4,371,492
988,724
314,785
7.20
0.58
-37,847
-1.29
-15.01
3,780,373
993,719
315,286
8.34
0.86
-38,170
-2.03
-22.23
3,514,053
1,046,637
360,432
10.26
1.41
12,684
0.36
3.62
Stock Prices
SWS Group, Inc
Hilltop Holdings Inc.
Stock Price:
Daily Volume:
Deal Price/Stock Price (%):
Stock Price/Book (%):
Stock Price/LTM EPS (%):
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
N/A
N/A
$23.440
281,503
$22.460
266,657
---
163.14
20.23
---
N/A
N/A
N/A
---
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
---
Copyright 2014, Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcements for the week of January 12, 2014
Announced Whole Institution Transactions
Community Choice, IA aquiring Ace Community, IA
Transaction Summary
Announcement Date:
Purchase Price per Share:
Exchange Ratio:
Floating Exchange Ratio:
Cost Savings: N/A
01/06/2014
N/A
N/A
No
Reported Purch Price ($000):
Calc Purchase Price ($000):
Shares Used in Price Calc:
Consideration Type:
N/A
N/A
N/A
N/A
Premium
1 Day Prior Annc (%):
5 Days Prior Annc (%):
2 Weeks Prior Annc (%):
N/A
N/A
N/A
3 Months Prior Annc (%):
1 Year Prior Annc (%):
N/A
N/A
Aggregate
Price to Equity (x):
Price/LTM Net Inc (x):
Price to Next Yr Earn Est (x):
Price to Deposits (%):
N/A
N/A
N/A
N/A
Price/Tangible Equity (x):
Price/Tangible Equity Inc MSR (x):
Price to Asset (%):
Premium to Core Deposits (%):
N/A
N/A
N/A
N/A
Per Share
Price to Book (%):
Price/Tangible Book (%):
N/A
N/A
Price/LTM EPS (%):
Price/LTM Core Earnings (%):
N/A
N/A
Price/Estimated EPS (%):
N/A
Summary
Ace Community has agreed to merge with Community Choice. No money was exchanged. Ace Community of Ames, Iowa reported total assets of approximately
$34.614 million and total deposits of approximately $28.407 million as of September 30, 2013. The deal marks Community Choice's entrance into Story County, Iowa
The transaction is expected to be completed in the 1st Quarter of 2014.
Company Information
Community Choice
Credit Union
Institution Type:
Financial Data as of:
Total Assets ($000)
Total Deposits ($000):
Total Equity ($000):
Total Equity/Assets (%):
NPA/Total Assets (%):
YTD Net Income ($000):
YTD Annualized ROA ($000):
YTD Annualized ROE ($000):
Ace Community
Credit Union
09/30/2013
06/30/2013
12/31/2012
09/30/2013
06/30/2013
12/31/2012
389,179
354,264
33,073
8.50
0.72
2,294
0.80
9.68
387,784
354,049
31,680
8.17
0.80
1,486
0.78
9.55
371,262
339,026
30,167
8.13
1.17
2,303
0.65
8.02
34,614
28,407
6,039
17.45
0.73
-33
-0.13
-0.73
34,958
28,720
6,054
17.32
0.82
5
0.03
0.17
34,584
28,353
6,049
17.49
1.69
22
0.06
0.36
Stock Prices
Ace Community
Community Choice
Stock Price:
Daily Volume:
Deal Price/Stock Price (%):
Stock Price/Book (%):
Stock Price/LTM EPS (%):
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
1 Day After
Announce
1 Day Prior
Announce
2 Wks Prior
Announce
N/A
N/A
N/A
N/A
N/A
N/A
---
N/A
N/A
---
N/A
N/A
N/A
---
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
---
Copyright 2014, Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcements for the week of January 12, 2014
Announced Branch Transactions
U.S. Bancorp, MN Acquiring Branches from UK Financial Investments Limited, FF
Transaction Summary
Announcement Date:
Total Deposits Sold ($000):
01/06/2014
5,300,000
Buyer Total Assets ($000):
Financial Data as of:
N/A
Branch(es) State(s):
Total Premium ($000):
Premium/Total Deposits Sold (%):
Total Assets Sold ($000):
315,000
5.94
1,100,000
N/A
IL
Number of Branches Sold: 94
Summary:
US Bancorp (NYSE: USB) has agreed to acquire 94 Chicago-area branches from Charter One Bank, a subsidiary of British
bank Royal Bank of Scotland. Under the terms of the deal, US Bancorp will pay a 6% premium for the acquired deposits.
About 35% of the deposits are non-interest bearing and NOW accounts, 48% are money market and savings accounts and
17% are time deposits. Additionally, US Bancorp will acquired approximately $1.1 billion in loans. The deal gives US Bancorp
an increased presence in Cook, DuPage, Kane, Lake, McHenry and Will Counties, IL. The transaction is subject to regulatory
approval and is expected to be completed in the first half of 2014.
Piedmont Advantage Credit Union, NC Acquiring Branches from Clearview, PA
Transaction Summary
Announcement Date:
Total Deposits Sold ($000):
01/09/2014
52,093
Buyer Total Assets ($000):
Financial Data as of:
09/30/2013
Branch(es) State(s):
233,012
Total Premium ($000):
Premium/Total Deposits Sold (%):
N/A
N/A
Total Assets Sold ($000):
N/A
NC
Number of Branches Sold: 1
Summary:
Piedmont Advantage Credit Union has agreed to acquire Clearview Credit Union's Charlotte, NC branch. The terms of the deal
were not disclosed. The deal gives Piedmont Advantage Credit Union an increased presence in Mecklenburg County, NC.
The transaction is subject to regulatory approval.
Merchants Bancorp, Inc., OH Acquiring Branches from DCB Financial Corp, OH
Transaction Summary
Announcement Date:
Total Deposits Sold ($000):
01/10/2014
24,000
Buyer Total Assets ($000):
Financial Data as of:
09/30/2013
Branch(es) State(s):
588,857
Total Premium ($000):
Premium/Total Deposits Sold (%):
Total Assets Sold ($000):
N/A
N/A
5,900
OH
Number of Branches Sold: 1
Summary:
Merchants National Bank has agreed to acquire Delaware County Bank & Trust Company's Marysville, OH branch. The exact
terms of the deal were not disclosed. Merchants will acquire approximately $24 million in deposits and approximately $5.9
million in loans associated with the branch. The deal marks Merchants National Bank's entrance into Union County, OH. The
transaction is subject to regulatory approval and is expected to be completed by the end of March 2014.
Copyright 2014, Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcement for week of January 12, 2014
Announced Other Assets Sales/Purchases
Andbank, FF acquiring Swiss Asset Advisors, LLC, FL
Transaction Summary
Announcement Date:
Purchase Price ($000):
Price/Assets Sold (%):
Consideration Type:
01/10/2014
N/A
N/A
N/A
Type of Asset Acquired:
Buyer Total Assets:
Invest Advisory/Mgmt Srvcs
N/A
Summary: Andorran bank Andbank has agreed to acquire the wealth management business of Swiss Asset Advisors, a wealth
management firm based in Miami, FL. The terms of the deal were not disclosed. Swiss Asset Advisors is a wealth
manager with offices in Miami and Switzerland. Following the transaction, Andbank will have approximately $17 billion in
assets under management. The transaction is subject to regulatory approval.
Tristate Capital Holdings, PA acquiring Chartwell Investment Partners, PA
Transaction Summary
Announcement Date:
Purchase Price ($000):
Price/Assets Sold (%):
Consideration Type:
01/07/2014
60,000
N/A
Cash, Other
Type of Asset Acquired:
Buyer Total Assets:
Invest Advisory/Mgmt Srvcs
2,200,897
Summary: Tristate Capital Holdings (NASDAQ: TSC) has agreed to acquire Chartwell Investment Partners for approximately $60
million. Under the terms of the deal, the purchase price will consist of approximately $60 million, payable in cash, and
estimated earn-out consideration of approximately $15 million to be finally determined based on the growth in profitability
of Chartwell in 2014. Up to 60 percent of the earn-out may be paid in common stock of TriState Capital at its option.
Chartwell Investment Partners is an investment management firm with over 150 institutional clients and approximately
$7.5 billion in assets under management. The purchase will include substantially all of the assets of Chartwell, and
TriState Capital believes the acquisition will be approximately 25 percent accretive to its earnings per share in the first 12
months following completion of the transaction. The transaction is subject to regulatory approval and is expected to be
completed in the 1st Quarter of 2014.
Copyright 2014 , Thomson Reuters
Thomson Reuters Bank Insightl MergerWatch ALERT
Announcement for the week of Jan. 12, 2014
Completed Whole Institution Transactions
At Completion
Buyer
Target
Investors Bancorp, Inc (MHC),
NJ
Gateway Community Financial
Corp (MHC), NJ
Date
Announced
04/05/2013
Date
Completed
01/10/2014
Target
Total Assets
($000)
Price to
Total
Price to
Ltm Net
Purchase
Price ($000) Equity (x) Income (x)
307,892
N/A
N/A
Completed Branch Transactions
Buyer
Target
Date
Announced
Date
Completed
Date
Announced
Date
Completed
Total
Deposits
Sold ($000)
Premium/
Deposits
($000)
None to report this week
Completed Other Assets Sales/Purchases
Buyer
Target
Type of Assets Acquired
None to report this week
Terminated Transactions
Buyer
Target
None to report this week
Copyright 2014 , Thomson Reuters
Thomson Reuters Bank Insight MergerWatch ALERT
Announcements for the week of Jan. 12, 2014
Date
Date
Announced Terminated
Transaction Type
# of
Branches
Sold
N/A