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Mergers & Acquisitions

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Deal Overview

First Merchants Corp.
Actual Acquirer:
Madison Community Bank (The)
Anderson Community Bank
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) 28.8
Common Stock Issued 1,220,853

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 486.8 373.9
Price / Tangible Book (%) 488.6 374.7
Price / Earnings (x) 43.4 26.7
Price / Deposits (%) 54.72 41.33
Price / Assets (%) 48.81 36.93
Tangible Book Premium/ Deposits (%) 55.04 34.24
Deal Terms
Description of Consideration

First Merchants exchanged 2.07 shares for each Anderson Community share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 800
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 2.070000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Leagre Chandler & Millard LLP