Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bank, NA
Target:
Chillicothe State Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/21/1994
Announcement Date:
12/21/1994
Announced Deal Value ($ M):
3.30
Status:
Completed
Completion Date:
5/1/1995
Announced Deal Value Per Share ($ )
137.50

Consideration Breakout
Cash ($M) 3.3

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 159.5 151.2
Price / Tangible Book (%) 159.5 151.2
Price / Earnings (x) 11.5 14.2
Price / Deposits (%) 15.12 15.29
Price / Assets (%) 13.73 13.85
Tangible Book Premium/ Deposits (%) 5.95 5.69
Deal Terms
Description of Consideration

Chillicothe shareholders received $137.50 in cash for each share held. Seller's financials are for Chillicothe State Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 1,185
Estimated Cost Savings (%) 24.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bryan Cave Leighton Paisner
Seller Yes Nyemaster Goode, P.C.