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Financial Advisor

InBankshares, Corp

$56 Million 11/30/2021 Depository Complete
Public Companies
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Transaction Details

  • InBankshares, Corp (OTCQX: INBC) (“INBC”) and Legacy Bank (“Legacy”) announced that they entered into a definitive merger agreement, pursuant to which Legacy will merge with and into InBank, the wholly-owned subsidiary of INBC, in a stock and cash transaction
  • Under the terms of the merger agreement, INBC will issue 3,566,387 shares of INBC common stock and pay $21.25 million in cash to the shareholders of Legacy Bank in the aggregate
  • Prior to the closing of the transaction, Legacy will distribute to its shareholders other real estate owned (OREO) and other assets, and will pay its shareholders a special cash dividend, the amount of which will depend upon Legacy’s tangible common equity at the closing, net of certain seller-paid transaction expenses
  • Merger will create a Colorado-headquartered commercial bank with approximately $1.2 billion in total assets, serving the Colorado Front Range and northern New Mexico
  • INBC expects the transaction to be over 50% accretive to its earnings per share within the first year of combined operations (FY-2023E) with a pro forma return on average assets approaching 1.0%, and a tangible book value earn back of approximately 2.5 years
Sources: Company Investor Presentation and Company Press Release
  1. 1) Based on Legacy Bank reported tangible common equity of $63.9 million as of September 30, 2021, less the $4.9 million pre-closing distribution and the maximum pre-closing cash dividend of $16.3 million

    2) 22% Tax-effect due to Sub-S corporate structure

    3) Data as of or for the three months ended September 30, 2021

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