Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
Twin City Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
6/24/1994
Announcement Date:
6/24/1994
Announced Deal Value ($ M):
14.20
Status:
Completed
Completion Date:
11/1/1994
Announced Deal Value Per Share ($ )
618.56

Consideration Breakout
Cash ($M) 1.3
Common Stock ($M) 13.4
Common Stock Issued 421,871

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 128.3 130.9
Price / Tangible Book (%) 128.3 130.9
Price / Earnings (x) 9.9 11.0
Price / Deposits (%) 16.58 18.64
Price / Assets (%) 13.35 15.06
Tangible Book Premium/ Deposits (%) 4.27 4.99
Deal Terms
Description of Consideration

Twin City shareholders received 20.198 shares of Commerce common stock for each share held. Minority shareholders of Twin City State Bank received, in aggregate, $1,330,000 in cash for their shares.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 3,122
Estimated Cost Savings (%) 13.00
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) 20.198000
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
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Gage & Tucker