Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
Heartland Financial USA, Inc.
Target:
First National Bank of Clovis
Deal Type:
Bank & Thrift Company
Agreement Date:
8/24/1999
Announcement Date:
8/24/1999
Announced Deal Value ($ M):
23.20
Status:
Completed
Completion Date:
1/1/2000
Announced Deal Value Per Share ($ )
1,603.00

Consideration Breakout
Cash ($M) 23.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 224.8 212.2
Price / Tangible Book (%) 224.8 212.2
Price / Earnings (x) 14.7 14.2
Price / Deposits (%) 23.57 23.50
Price / Assets (%) 20.55 19.44
Tangible Book Premium/ Deposits (%) 15.06 15.09
Deal Terms
Description of Consideration

First National Bank of Clovis shareholders received $1,603.00 in cash for each share held.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 8,473
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
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
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller NA NA