Financial Advisor And Fairness Opinion
Icon Capital Corporation
M&A Advisory
Has Merged With
Transaction Details
- On April 18, 2018 — BancorpSouth Bank (NYSE: BXS) announced today the signing of a definitive merger agreement with Houston, TX-based Icon Capital Corporation and its wholly owned subsidiary, Icon Bank of Texas, National Association (collectively referred to as “Icon”) pursuant to which Icon will be merged with and into BancorpSouth Bank.
- The transaction is valued at approximately $145.8 million, approximately 88% stock / 12% cash, based on BancorpSouth Bank’s closing common stock price of $31.10 per share on April 17, 2018
- On a pro forma basis, BancorpSouth Bank will have approximately $1 billion in loans and $740 million in deposits in Houston
- Upon completion of the transaction:
- Icon Co-Founder, Chairman & CEO, Mark Reiley will serve as BancorpSouth Bank’s Houston Area Chairman
- Icon Co-Founder, President & Vice Chairman John Green will be BancorpSouth Bank’s Houston Division President
Sources: Company filings, SNL Financial and publicly available information
-
Note: Financial data as of March 31, 2018
(1) Based on a BXS closing price of $31.10 on April 17, 2018
(2) Excludes one-time $1.2 million DTA revaluation associated with change in tax legislation
(3) Reflects bank level financial data
This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.