Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bank
Target:
Founders Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
7/25/2014
Announcement Date:
7/28/2014
Announced Deal Value ($ M):
88.22
Status:
Completed
Completion Date:
1/1/2015
Announced Deal Value Per Share ($ )
83.08

Consideration Breakout
Cash ($M) 39.8
Common Stock ($M) 50.6
Common Stock Issued 3,402,275

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 212.8 214.9
Price / Tangible Book (%) 212.8 214.9
Price / Earnings (x) 17.7 21.0
Price / Deposits (%) 23.28 24.39
Price / Assets (%) 18.95 19.95
Tangible Book Premium/ Deposits (%) 15.41 16.03
Deal Terms
Description of Consideration

Old National Bancorp paid $38.00 in cash and exchanged 3.25 shares of its common stock for each outstanding share of Founders Financial Corp. Target's financials are for Founders Bank & Trust.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 58,614
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 4,283
Est. Restructuring Charges ($ 000) 7,800
Maximum Termination Fee ($ 000) 3,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.250000
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) 2,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Donnelly Penman & Partners Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Warner Norcross & Judd LLP