Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
Arizona Bank & Trust
Target:
First Scottsdale Bank, National Association
Deal Type:
Bank & Thrift Company
Agreement Date:
5/14/2015
Announcement Date:
5/15/2015
Announced Deal Value ($ M):
17.70
Status:
Completed
Completion Date:
9/11/2015
Announced Deal Value Per Share ($ )
5.45

Consideration Breakout
Cash ($M) 17.7

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 104.5 105.7
Price / Tangible Book (%) 105.3 106.4
Price / Earnings (x) NM NM
Price / Deposits (%) 19.90 22.36
Price / Assets (%) 16.65 18.36
Tangible Book Premium/ Deposits (%) 1.38 1.90
Deal Terms
Description of Consideration

Heartland Financial USA Inc. paid approximately $17.7 million in cash for all of the outstanding shares of First Scottsdale Bank NA.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 2,500
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 750
Minimum Termination Fee ($ 000) 0
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) 357
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Panoramic Capital Advisors Inc
Seller Yes Boenning & Scattergood Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dorsey & Whitney LLP
Seller Yes Sacks Tierney P.A.