Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bank
Target:
LSB Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
6/3/2014
Announcement Date:
6/4/2014
Announced Deal Value ($ M):
66.63
Status:
Completed
Completion Date:
11/1/2014
Announced Deal Value Per Share ($ )
41.67

Consideration Breakout
Cash ($M) 16.7
Common Stock ($M) 51.8
Common Stock Issued 3,557,257

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 158.2 164.4
Price / Tangible Book (%) 158.2 164.4
Price / Earnings (x) 27.2 34.4
Price / Deposits (%) 21.34 22.22
Price / Assets (%) 18.20 18.95
Tangible Book Premium/ Deposits (%) 9.74 10.73
Deal Terms
Description of Consideration

Old National Bancorp paid $10.63 in cash and exchanged 2.2690 shares of its common stock for each outstanding share of LSB Financial Corp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 40,476
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 4,400
Est. Restructuring Charges ($ 000) 7,200
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 2.269000
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) 2,618
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Barnes & Thornburg LLP