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Mergers & Acquisitions

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Deal Overview

Buyer:
First Merchants Corporation
Actual Acquirer:
First Merchants Corporation
Target:
C Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
1/5/2015
Announcement Date:
1/6/2015
Announced Deal Value ($ M):
14.50
Status:
Completed
Completion Date:
4/17/2015
Announced Deal Value Per Share ($ )
6.74

Consideration Breakout
Cash ($M) 14.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 184.9 184.9
Price / Tangible Book (%) 184.9 184.9
Price / Earnings (x) NM NM
Price / Deposits (%) 13.89 13.79
Price / Assets (%) 10.50 10.78
Tangible Book Premium/ Deposits (%) 7.58 7.50
Deal Terms
Description of Consideration

First Merchants Corp. will pay $6.738 in cash per share for each of the outstanding share of C Financial Corp. Target financials are for Cooper State Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 11,126
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 2,002
Est. Restructuring Charges ($ 000) 1,300
Maximum Termination Fee ($ 000) 1,000
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) 981
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Kaplan, Strangis and Kaplan

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