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Mergers & Acquisitions

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Deal Overview

Buyer:
First Midwest Bancorp, Inc.
Actual Acquirer:
First Midwest Bancorp, Inc.
Target:
Bankmanagers Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/27/2019
Announcement Date:
8/28/2019
Announced Deal Value ($ M):
193.81
Status:
Completed
Completion Date:
3/9/2020
Announced Deal Value Per Share ($ )
1,178.02

Consideration Breakout
Cash ($M) 102.5
Common Stock ($M) 83.8
Common Stock Issued 4,930,231

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 165.2 152.2
Price / Tangible Book (%) 165.2 152.2
Price / Earnings (x) 15.0 14.6
Price / Deposits (%) 23.77 18.88
Price / Assets (%) 20.45 16.50
Tangible Book Premium/ Deposits (%) 10.69 7.34
Deal Terms
Description of Consideration

First Midwest Bancorp Inc. exchanged 29.9675 shares and paid $623.02 in cash for each outstanding shares of Bankmanagers Corp. Target financials are for Park Bank. Total consideration was subject to certain adjustments.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 65,501
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 8,309
Est. Restructuring Charges ($ 000) 5,000
Maximum Termination Fee ($ 000) 8,200
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 29.967500
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 Sandler O'Neill & Partners LP
Seller Yes Stephens Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Chapman & Cutler LLP
Seller Yes Barack Ferrazzano Kirschbaum