Mergers & Acquisitions

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Deal Overview

Buyer:
First Financial Bancorp.
Actual Acquirer:
First Financial Bancorp.
Target:
Guernsey Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/29/2014
Announcement Date:
4/29/2014
Announced Deal Value ($ M):
13.50
Status:
Completed
Completion Date:
8/21/2014
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 13.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 216.2 222.9
Price / Tangible Book (%) 216.2 222.9
Price / Earnings (x) NM NM
Price / Deposits (%) 13.43 13.69
Price / Assets (%) 10.99 11.18
Tangible Book Premium/ Deposits (%) 8.80 9.33
Deal Terms
Description of Consideration

First Financial Bancorp. paid $13.5 million in cash to acquire Guernsey Bancorp Inc. First Financial Bancorp. also paid off all amounts due under a certain promissory note from Guernsey Bancorp Inc. to Ohio Valley Bank Co., amounting to approximately $2.6 million. Target financials are for Guernsey Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 8,101
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 750
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) 999
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 Frost Brown Todd LLC
Seller Yes Patton Boggs LLP