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Financial Advisor And Fairness Opinion

Icon Capital Corporation

$146 Million 04/18/2018 Depository Complete
Lead Bankers: Kade Machen, Justin Evans
Public Companies
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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
  1. 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

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