Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
Heartland Financial USA, Inc.
Target:
Cottage Grove State Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
11/12/1996
Announcement Date:
11/12/1996
Announced Deal Value ($ M):
7.90
Status:
Completed
Completion Date:
3/1/1997
Announced Deal Value Per Share ($ )
196.88

Consideration Breakout
Cash ($M) 7.9

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 161.5 161.8
Price / Tangible Book (%) 161.5 161.8
Price / Earnings (x) 13.9 14.5
Price / Deposits (%) 24.06 21.54
Price / Assets (%) 20.59 18.32
Tangible Book Premium/ Deposits (%) 9.58 8.58
Deal Terms
Description of Consideration

Cottage Grove shareholders received approximately $7.9 million in cash for all outstanding shares.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 2,100
Estimated Cost Savings (%) 10.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 100
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 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 RBC Capital Markets LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Barack Ferrazzano Kirschbaum
Seller Yes Vernon Molbreak