Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
First Financial Bancorp.
Actual Acquirer:
First Financial Bank, National Association
Target:
First Bexley Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
12/17/2013
Announcement Date:
12/18/2013
Announced Deal Value ($ M):
44.50
Status:
Completed
Completion Date:
8/7/2014
Announced Deal Value Per Share ($ )
30.50

Consideration Breakout
Cash ($M) 8.4
Common Stock ($M) 33.7
Common Stock Issued 2,035,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 185.4 178.9
Price / Tangible Book (%) 185.4 178.9
Price / Earnings (x) 12.1 15.6
Price / Deposits (%) 16.41 16.92
Price / Assets (%) 15.06 13.47
Tangible Book Premium/ Deposits (%) 12.74 12.30
Deal Terms
Description of Consideration

First Financial Bancorp. paid $30.50 per share in cash and stock for each outstanding shares of First Bexley Bank, subject to 80% of the consideration being paid in stock. The aggregate merger consideration of $44.5 million also includes approximately $2.4 million of stock options value. Exchange ratio was based on cap/floor of 115%/85% respectively, calculated on the First Financial Bancorp's average closing price $16.23.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 18,280
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) 1,546
Est. Restructuring Charges ($ 000) 3,500
Maximum Termination Fee ($ 000) 2,225
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) 1,280
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Squire Sanders (US)
Seller Yes Patton Boggs LLP