Mergers & Acquisitions

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Deal Overview

Buyer:
HomeTrust Bancshares, Inc.
Actual Acquirer:
HomeTrust Bank
Target:
BankGreenville Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
5/3/2013
Announcement Date:
5/6/2013
Announced Deal Value ($ M):
8.71
Status:
Completed
Completion Date:
7/31/2013
Announced Deal Value Per Share ($ )
7.38

Consideration Breakout
Cash ($M) 8.9
Contingent Payments ($M) 0.9

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 92.8 92.0
Price / Tangible Book (%) 92.8 92.0
Price / Earnings (x) NM 56.8
Price / Deposits (%) 9.13 9.37
Price / Assets (%) 7.65 9.81
Tangible Book Premium/ Deposits (%) (1.10) (1.23)
Deal Terms
Description of Consideration

HomeTrust Bancshares Inc. paid $6.63 in cash for each outstanding share of BankGreenville Financial Corp. Additional contingent cash consideration of up to $0.75 per share may be realized at the expiration of 24 months based on the performance of a select pool of loans totaling approximately $8.0 million. HomeTrust Bancshares Inc. also repaid $1.05 million of BankGreenville Financial Corp.'s preferred stock and assumed BankGreenville Financial Corp.'s approximately $2.2 million obligation of other borrowings.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 2,802
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 350
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 Yes
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 530
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Banks Street Partners LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Silver Freedman Taff & Tiernan
Seller Yes Nelson Mullins Riley