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Mergers & Acquisitions

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Deal Overview

First Merchants Corporation
Actual Acquirer:
First Merchants Corporation
CFS Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Common Stock ($M) 136.6
Common Stock Issued 7,079,457

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 101.4 122.4
Price / Tangible Book (%) 101.4 122.4
Price / Earnings (x) 19.8 32.9
Price / Deposits (%) 11.77 14.20
Price / Assets (%) 10.00 12.07
Tangible Book Premium/ Deposits (%) 0.22 2.95
Deal Terms
Description of Consideration

First Merchants Corp. exchanged 0.65 shares of its common stock to acquire each of the outstanding shares of CFS Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 47,573
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 11,500
Est. Restructuring Charges ($ 000) 3,500
Maximum Termination Fee ($ 000) 4,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.650000
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) 7,313
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes River Branch Capital LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Vedder Price PC