First Bank Lubbock Bancshares, Inc. | Stephens

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Financial Advisor And Fairness Opinion

First Bank Lubbock Bancshares, Inc.

$186 Million 12/12/2017 Depository Complete
Lead Bankers: Kade Machen, Justin Evans
Public Companies
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Transaction Details

  • On December 12, 2017— Dubuque, IA-based Heartland Financial USA, Inc. (“Heartland”) (NASDAQ: HTLF) and Lubbock, TX-based First Bank Lubbock Bancshares, Inc. (“FBLB”) jointly announced that they have entered into a definitive merger agreement pursuant to which FBLB, and its wholly-owned subsidiary, FirstBank & Trust, will be acquired by Heartland
  • Based on Heartland’s closing common stock price of $50.15 per share on December 11, 2017, the stock and cash transaction is valued at approximately $185.6 million, approximately 90% stock / 10% cash
  • FirstBank & Trust, and its subsidiary PrimeWest Mortgage, will continue to operate under their present brand and management team as Heartland’s 11th state-chartered community bank
  • Will be Heartland’s platform for future Texas expansion
  • After closing the FBLB transaction and the previously announced acquisition of Signature Bancshares, Inc. in Minnetonka, MN, Heartland will have assets of approximately $11.2 billion and operate 126 full-service banking locations across 12 states

Sources: Company filings, SNL Financial and publicly available information.
  1. Note: Financial data as of September 30, 2017.

    (1) Based on an HTLF closing price of $50.15 on December 11, 2017

    (2) Illustrative tax effect of 35% due to Subchapter S corporate status

    (3) Financial impact of FBLB at estimated closing of 6/30/18

    (4) Map pro forma for HTLF’s announced acquisition of Signature Bancshares, Inc.

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