Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
New Mexico Bank & Trust
Target:
Community Bancorporation of New Mexico, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/15/2015
Announcement Date:
4/16/2015
Announced Deal Value ($ M):
11.30
Status:
Completed
Completion Date:
8/21/2015
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 11.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 83.5 80.7
Price / Tangible Book (%) 151.8 144.8
Price / Earnings (x) 44.8 35.8
Price / Deposits (%) 7.32 7.63
Price / Assets (%) 6.25 6.35
Tangible Book Premium/ Deposits (%) 2.81 2.73
Deal Terms
Description of Consideration

Heartland Financial USA Inc. paid $11.1 million in cash for all of the outstanding shares of Community Bancorp of New Mexico Inc. Target financials are for Community Bank. Heartland Financial USA Inc. will enter Rio Arriba County, N.M., with two branches to be ranked third with a 14.16% share of approximately $360.89 million in total market deposits, will enter Los Alamos County, N.M., with one branch to be ranked third with a 4.18% share of approximately $873.52 million in total market deposits, will expand in Bernalillo County, N.M., by one branch to be ranked seventh with a 3.47% share of approximately $11.77 billion in total market deposits and will expand in Santa Fe County, N.M., by one branch to be ranked sixth with a 6.73% share of approximately $2.82 billion in total market deposits.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 213
Estimated Cost Savings (%) NA
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 NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Panoramic Capital Advisors Inc
Seller Yes KPMG Corporate Finance LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dorsey & Whitney LLP
Seller Yes Bracewell LLP