Return to Mergers & Acquisitions

Deal Overview

Buyer:
Hilltop Holdings Inc.
Actual Acquirer:
PlainsCapital Bank
Target:
Bank of River Oaks
Deal Type:
Bank & Thrift Company
Agreement Date:
2/13/2018
Announcement Date:
2/13/2018
Announced Deal Value ($ M):
85.00
Status:
Completed
Completion Date:
8/1/2018
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 85.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 184.1 173.9
Price / Tangible Book (%) 184.1 173.9
Price / Earnings (x) 33.0 16.9
Price / Deposits (%) 20.93 23.01
Price / Assets (%) 18.71 19.42
Tangible Book Premium/ Deposits (%) 12.57 13.50
Deal Terms
Description of Consideration

Hilltop Holdings Inc. paid $85 million in cash to acquire all of the outstanding shares of Bank of River Oaks. Total consideration also includes value of stock options.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 39,627
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 3,058
Est. Restructuring Charges ($ 000) 6,600
Maximum Termination Fee ($ 000) 3,500
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) 10,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Performance Tr Cap Ptnrs LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
Seller Yes Parrott Sims & McInnis PLLC