Mergers & Acquisitions

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Deal Overview

Buyer:
German American Bancorp, Inc.
Actual Acquirer:
German American Bank
Target:
First Security, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/22/2018
Announcement Date:
5/22/2018
Announced Deal Value ($ M):
105.09
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
40.39

Consideration Breakout
Cash ($M) 31.2
Common Stock ($M) 73.7
Common Stock Issued 2,000,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 153.5 NA
Price / Tangible Book (%) 165.1 NA
Price / Earnings (x) 36.1 NA
Price / Deposits (%) 22.95 NA
Price / Assets (%) 17.92 NA
Tangible Book Premium/ Deposits (%) 11.64 NA
Deal Terms
Description of Consideration

German American Bancorp Inc. will pay $12.00 in cash and exchange 0.7982 shares of its common stock for each of the outstanding share of First Security Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 37.50
Estimated Cost Savings ($ 000) 6,248
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 3,000.00
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.80
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) 5,200
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Frost Brown Todd LLC