Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
Wisconsin Bank & Trust
Target:
First Shares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/31/2012
Announcement Date:
8/2/2012
Announced Deal Value ($ M):
11.00
Status:
Completed
Completion Date:
11/16/2012
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 4.7
Common Stock ($M) 5.7
Common Stock Issued 407,055

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 84.6 80.1
Price / Tangible Book (%) 84.6 80.1
Price / Earnings (x) 34.7 32.9
Price / Deposits (%) 9.66 9.27
Price / Assets (%) 8.46 8.11
Tangible Book Premium/ Deposits (%) (2.14) (2.82)
Deal Terms
Description of Consideration

Heartland Financial USA Inc. paid $18.37 in cash and exchanged 0.8677 shares of its common stock to acquire each outstanding share of First Shares Inc. Target's financials are for First National Bank of Platteville.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 645
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 350
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.867700
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 Yes Stifel
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dorsey & Whitney LLP
Seller Yes Boardman & Clark LLP