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Mergers & Acquisitions

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Deal Overview

First Merchants Corp.
Actual Acquirer:
First Merchants Corp.
Decatur Bank & Trust Company
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 12.2
Common Stock ($M) 18.0
Common Stock Issued 878,379

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 243.4 211.9
Price / Tangible Book (%) 245.9 214.0
Price / Earnings (x) 18.0 16.3
Price / Deposits (%) 30.80 27.45
Price / Assets (%) 25.77 23.57
Tangible Book Premium/ Deposits (%) 21.33 17.01
Deal Terms
Description of Consideration

First Merchants exchanged 9.13 shares or $237.39 in cash for each share of Decatur Financial. Seller's financials are for Decatur Bank & Trust Co.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 16,859
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 9.130000
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) 2,046
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Renninger & Associates
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Krieg DeVault LLP