Deal Overview
Buyer:
Renasant Corporation
Actual Acquirer:
Renasant Bank
Target:
KeyWorth Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
10/20/2015
Announcement Date:
10/20/2015
Announced Deal Value ($ M):
58.70
Status:
Completed
Completion Date:
4/1/2016
Announced Deal Value Per Share ($ )
15.44
Consideration Breakout
| Common Stock ($M) | 53.8 |
| Common Stock Issued | 1,680,021 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Book (%) | 131.13 | 145.36 |
| Price / Tangible Book (%) | 133.06 | 147.96 |
| Price / Earnings (x) | 18.76 | NA |
| Price / Deposits (%) | 17.31 | 16.54 |
| Price / Assets (%) | 14.97 | 14.39 |
| Tangible Book Premium/ Deposits (%) | 5.64 | 6.97 |
Deal Terms
Description of Consideration
Renasant Corp. exchanged 0.4494 shares of its common stock for each outstanding share of KeyWorth Bank. Aggregate consideration includes the value of options and warrants of approximately $3.6 million, which were settled in cash.
| Accounting Method | Acquisition |
| In-State Transaction? | No |
| Merger of Equals? | No |
| Geographic Expansion? | Partial Overlap |
| Goodwill Generated ($ 000) | 20,633 |
| Estimated Cost Savings (%) | 25.00 |
| Estimated Cost Savings ($ 000) | 2,348 |
| Est. Restructuring Charges ($ 000) | 7,400 |
| Maximum Termination Fee ($ 000) | 2,350 |
| Minimum Termination Fee ($ 000) | 0 |
| Exchange Ratio (Common For Common) | 0.449400 |
| 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) | 2,010 |
Deal Advisers
Financial Advisers
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Raymond James & Assoc. Inc. |
| Seller | Yes | Banks Street Partners LLC |
Legal Counsel
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Phelps Dunbar LLP |
| Seller | Yes | Alston & Bird LLP |