Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
Heartland Financial USA, Inc.
Target:
Rocky Mountain Bancorporation, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
2/6/2004
Announcement Date:
2/6/2004
Announced Deal Value ($ M):
34.50
Status:
Completed
Completion Date:
6/1/2004
Announced Deal Value Per Share ($ )
318.42

Consideration Breakout
Cash ($M) 13.1
Common Stock ($M) 21.4
Common Stock Issued 1,387,227

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 165.5 165.1
Price / Tangible Book (%) 183.7 183.3
Price / Earnings (x) 14.8 15.2
Price / Deposits (%) 11.79 11.63
Price / Assets (%) 9.39 9.33
Tangible Book Premium/ Deposits (%) 6.68 6.54
Deal Terms
Description of Consideration

Heartland paid about $34.5 million to acquire Rocky Mountain Bancorp, subject to no more than 50% of the consideration being paid in cash.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 13,900
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,750
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) 4,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller Yes Christian Samson Jones